The expectation of approval for a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) significantly contributed to a 27% surge in Bitcoin’s price during October. This boost in sentiment attracted aggressive buying from crypto investors. Bitcoin reached a peak of $35,280 on October 24th but experienced a pullback, indicating that higher levels are prompting selling by traders. While the rising moving averages suggest an advantage for buyers, the RSI is overbought, implying that the BTC/USDT pair might undergo further consolidation.
At the time of writing, BTC was trading at $34,405.
Bitcoin was trading in a range from $25,000 to $28,500. The asset finally gave a breakout above the range and started moving up by forming a ‘Higher High Higher Low’ pattern. BTC broke its long-held resistance of $32,000 and rallied up to $35,280. Currently, the asset is consolidating between $33,500 to $35,000. Bitcoin has a strong support at $32,500 whereas $36,500 will act as a strong resistance.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $28,500 | $32,500 | BTC | $36,500 | $40,000 |
