BTC Needs More Strength For Breakthrough
At present, the price of Bitcoin remains above 8,500 USDT on Binance, which eyes for 8,600 USDT, with a 24-hour decrease of 0.09%. At the BTC’s key resistance level of $8,600, BTC still need more strength to increase.
From the perspective of the market trend, surprisingly, BTC was not influenced by SEC’s latest ETF rejection in the past days, eyeing more increase to the $8,600 level. The SEC announced Wednesday (Oct. 9) that the ETF proposal, filed by Bitwise Asset Management in conjunction with NYSE Arca, did not meet legal requirements to prevent market manipulation or other illicit activities. From a technical perspective, 1-hour timeframe of BTC/USD market is bullish currently. The closing price of the BTC is on the 5-day moving average (MA) surpassed that of 10-day MA, which shows BTC may get an increase in the next days. What’s more, Bitcoin’s moving average convergence divergence (MACD) histogram remained positive, signaling a bullish trend.
In general, the proportion of short positions falls behind that of long positions now. Of course, only after testing the resistance to $8,600, there is still a chance to a drop. It is recommended that traders should lay out the short position in the range of $8,550-$8,600, with the long position in the range of $8,400-$8,450.