- Recent Bitcoin price developments have changed the dynamics of the crypto market.
- Bitcoin reached a yearly high on Tuesday, October 24.
- Julius de Kempenaer thinks the latest rally results from sellers’ exhaustion above $31K.
Crypto experts are reacting to the recent Bitcoin price development that has changed the dynamics of the crypto market. Coin Edition asked experts about their opinions, and they believe the recent surge is precipitated by events surrounding the expected spot Bitcoin ETF, as many users are taking strategic investment positions ahead of potential approval.
Bitcoin reached a yearly high on Tuesday, October 24, one week after a piece of false news about Bitcoin ETF approval. The recent rally has pushed BTC above significant resistance and into a price region that has left several users wondering what the future holds.
Responding to Coin Edition’s query, Julius de Kempenaer, senior technical analyst at StockCharts.com, thought, above anything else, that the latest BTC rally results from sellers’ exhaustion above $31,000. However, Kempenaer noted that some viral ETF news may have also contributed to the rally.
According to the techn…
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