CDS Crypto News 17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports
Crypto News

17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

The Bitcoin (BTC) price briefly hit $30,000 on Oct 16, but failed to sustain the upward movement. It created a long upper wick instead.

350
17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

Crypto News– On October 17, the price of Bitcoin (BTC) surged to a peak of $30,000, but this upward momentum was short-lived.

17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

During the same day, there was a noticeable development in the price action, characterized by a long upper wick, ultimately leading to trades closing below the $28,000 resistance level. Examining the daily timeframe technical analysis, it’s evident that the Bitcoin price has been on the rise since it bounced off the horizontal support zone at $25,000 on October 11.

A significant event occurred on October 1 when Bitcoin broke free from a descending resistance trendline that had constrained its movements since reaching its yearly high in July. Once the trendline was validated as a support level on October 11, the price began to accelerate its rate of increase. On the same day, a new monthly high for Bitcoin was achieved at $30,000.

17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

However, the triumph of surpassing the $28,000 resistance level was short-lived, as the price generated a notably extended upper wick, which is often interpreted as a sign of mounting selling pressure in the market. This development serves as a reminder of the ever-present volatility and uncertainty in the cryptocurrency space.

Price Surge Sparked by False ETF Approval Reports

17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

The Bitcoin (BTC) price experienced a brief surge to $30,000, coinciding with positive funding rates, primarily in response to reports of iShares BlackRock ETF approval. However, this rally was short-lived, as BlackRock swiftly clarified that the approval process was still subject to ongoing SEC investigation. This sudden reversal triggered over $100 million in liquidations, with $70 million stemming from short positions and $30 million from long positions.

Additionally, this market whipsawing phenomenon gave rise to a substantial spike in social volume related to keywords like “ETF,” “iShares,” and “$30k,” as reported by Santiment. This underscores the impact of breaking news and regulatory developments on the cryptocurrency market, emphasizing the importance of accurate and timely information for market participants.

17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

Leave a comment

Leave a Reply

Related Articles

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...

ETH Price Faces Challenges Amid ETF Outflows

Ethereum (ETH) struggles to maintain price above $2,500 amid ETF outflows and...