30 October BTC Price Achieves Its Highest Weekly Close in 550 Days – Is 40,000 Dollars the Next Target

Crypto News- Last week, the Bitcoin (BTC) price wrapped up at $34,525, marking the highest weekly close in 550 days.

30 October BTC Price Achieves Its Highest Weekly Close in 550 Days – Is 40,000 Dollars the Next Target

What’s more, Bitcoin managed to break free from the primary long-standing horizontal resistance zone at $30,500, a level that had been a fixture since May 2022. A closer look at the weekly timeframe technical analysis reveals a significant surge in the Bitcoin price over the past couple of weeks. It successfully breached the $30,500 threshold last week, achieving a fresh yearly high of $35,380.

Following this yearly peak, BTC did experience a slight dip but ultimately ended the week at $34,525. This represents the most elevated weekly close seen in the past 550 days, with the last such instance occurring when Bitcoin concluded a week at $38,468 back in April 2022, during a period marked by a substantial downward movement.

The weekly Relative Strength Index (RSI) paints a bullish picture. The RSI serves as a momentum indicator, helping traders determine whether a market is in an overbought or oversold condition, and subsequently aiding them in deciding whether to accumulate or divest an asset.

How Institutional Investment Has Shaped Bitcoin’s Landscape

The imminent approval of a Bitcoin Exchange-Traded Fund (ETF) carries tremendous weight, and its potential impact on future Bitcoin prices cannot be overstated.

In a conversation with BeInCrypto, Mr. Rafay Gadit, the Co-Founder and CFO of the social investment platform Zignaly, emphasized that the approval of a Bitcoin ETF can draw in institutional investors, instill confidence, and spur increased demand and consequently, prices.

On the flip side, a rejection of the ETF could create a short-term bearish sentiment within the cryptocurrency market.