empty
17.10.2023 08:25 AM
Technical Analysis of BTC/USD for October 17, 2023

Crypto Industry News:

Yesterday, fake news appeared on the Internet claiming that the application for the BlackRock group's Bitcoin ETF had been approved by the US Securities and Exchange Commission (SEC), which caused a real shockwave in the crypto sector. In just a few minutes, the disinformation triggered a cascade of events that led to the liquidation of over $65 million worth of BTC short positions across multiple exchanges, and the Bitcoin price itself exploded only to return to starting levels shortly thereafter. There are accusations of deliberate market manipulation.

The fabricated news initially appeared on the social profile of the crypto news website CoinTelegraph, from where it then spread to other social media, in particular to the X website (formerly Twitter), gaining notoriety among speculators hungry for good news at the speed of light. Bitcoin, the oldest cryptocurrency in the world, experienced an equally rapid price increase: the new stimulus instantly took it from $27,900 per token to nearly $30,000. However, the celebration was short-lived.

It quickly turned out that there was no base for new messages. Fox News journalists Eleanor Terrett, Bloomberg analyst James Seyffart and CoinDesk unanimously stated that, in their opinion, BlackRock's application for a spot Bitcoin ETF has not been approved and is still under review by the commission's staff.

The CoinTelegraph platform first quickly changed the problematic tweet by adding the "reportedly" fragment to it, and then deleted it completely. The source, according to crypto detective ZachaXBT, was an anonymous post on Telegram, which was quickly deleted.

Technical Market Outlook:

The BTC/USD pair has spiked up to the level of $30, 540 after the fake news related to the approval of Bitcon ETF hit the newswires. The spike up was faded quickly and BTC trades back around the level of $28,000 again. The intraday technical support is seen at $28,079 and the intraday technical resistance is seen at $28,829. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely overbought on the H4 time frame chart. Any breakout lower would likely extend the down move on BTC towards the level of $26,031.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $28,998

WR2 - $28,237

WR1 - $27,961

Weekly Pivot - $27,478

WS1 - $27,202

WS2 - $26,719

WS3 - $25,960

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Thursday June 05, 2025.

On the 4-hour chart of the Litecoin cryptocurrency, there is an appearance of a Descending Broadening Wedge pattern which indicates that there will be a strengthening in the near future

Arief Makmur 09:53 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 5

Bitcoin is struggling to reach $106,000 less frequently and is dropping toward $104,000 more often, which is a rather concerning short-term signal. Sooner or later, this pattern could lead

Miroslaw Bawulski 09:20 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 4

Bitcoin and Ethereum keep trying to break through key resistance levels but continue to face the same obstacle. On one hand, this suggests a cautious approach by major market players

Miroslaw Bawulski 09:19 2025-06-04 UTC+2

The Correlation Between BTC and Global M2 Liquidity Remains High

Bitcoin still cannot firmly hold above the $106,000 level, which raises certain concerns. While other altcoins and tokens have been performing much better, at least in recent days, the fact

Jakub Novak 09:17 2025-06-04 UTC+2

BTC/USD Analysis on June 4, 2025

The wave pattern on the 4-hour chart for BTC/USD has become more complex. We observed a corrective downward structure that completed its formation around the $75,000 level. After that

Chin Zhao 09:10 2025-06-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 3

Bitcoin and Ether surged strongly during Asian trading, although yesterday ended on a somewhat downbeat note. However, despite the rapid strengthening of these assets, Bitcoin once again failed to maintain

Miroslaw Bawulski 08:51 2025-06-03 UTC+2

Bitcoin's technical outlook appears promising

Bitcoin appears to have found a bottom near $104,000 and is currently trading around $104,500 in early June. It is evident that the cryptocurrency is positioned at a psychological

Jakub Novak 12:36 2025-06-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 2

Despite the corrections at the end of last week, Bitcoin and Ethereum are once again showing upward momentum, although Ethereum is lagging behind. Experts from the banking group also point

Miroslaw Bawulski 09:45 2025-06-02 UTC+2

Bitcoin Forecast for June 2, 2025

Bitcoin Over the weekend, Bitcoin formed a reversal from the supports at the target level of 102,698 and the embedded green price channel line. If today's candlestick closes in white

Laurie Bailey 04:30 2025-06-02 UTC+2

Crypto investors still overwhelmed by optimism

Despite the ongoing correction, investor sentiment toward buying crypto assets remains positive, as indicated by the so-called Fear & Greed Index, which, as we noted earlier, is still

Jurij Tolin 16:24 2025-05-30 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.