BTC Price Holds 6% Gains As Bitcoin Struggles For ‘Crucial’ $28K Mark

Oct. 17, 2023
BTC Price Holds 6% Gains As Bitcoin Struggles For ‘Crucial’ $28K Mark

Bitcoin (BTC) crossing $28,000 shows a positive sentiment, but it’s crucial to sustain this level, analysis says. In an X post on October 17, co-founders of on-chain analytics firm Glassnode, Jan Happel and Yann Allemann, described the $28,000 mark as a “critical milestone” for BTC price.

On Oct. 16, the crypt-focused news platform Cointelegraph said in a post on X that the US Securities and Exchange Commission (SEC) had given the green light to BlackRock’s iShares spot Bitcoin (BTC) exchange-traded fund (ETF).

The unconfirmed news spread like wildfire, and as a result, the value of BTC increased by 10 percent and touched $30,000 without any official confirmation from BlackRock or the SEC. Later, BlackRock disputed the report, and the price of BTC dropped from its highest point since August.

According to data from TradingView, BTC/USD is currently hovering near $28,500, maintaining a roughly 6% gain since the start of the week. Happel and Allemann believe that the pair has reached a critical turning point.

Part of their commentary stated:

“The crypto market is hinged on BTC’s ability to breach and consistently maintain a value north of $28k.”

Since Bitcoin first crossed $28,000 in early 2021, it’s been a battleground where bulls and bears struggle to control long-term paths, with liquidity playing a pivotal role.

Allemann and Happel added:

“While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme.”

Besides BTC, several altcoins initially saw a temporary surge due to false news but soon lost most of their gains. As a result, mid-cap altcoins like Uniswap, LINK, LEO, AVAX, MakerDAO, CRO, ADA, and DOT are currently trading in the red. In contrast, ETH, MATIC, BNB, SOL, and TRX have minor gains. 

Bitcoin Halving Can Affect The Price Significantly

Expectations about Bitcoin’s future, both before and after its upcoming block subsidy halving in April 2024, vary significantly. In a recent interview, Filbfilb, co-founder of DecenTrader, anticipated that BTC’s price might gain momentum in the fourth quarter and could reach $46,000 by the time of the halving.

However, some prominent players in the market are taking a cautious approach. However, some prominent players in the market are taking a cautious approach. Notably, trader Crypto Tony and others predicted that Bitcoin may fall to $20,000 before the halving event.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.