FXOpen
Paradoxically, cryptocurrencies, which conceptually pursue decentralization goals, have become overly sensitive to regulatory news.
Surprising news from Cointelegraph that the SEC would approve an application for a spot Bitcoin ETF from BlackRock raised the price of the coin to USD 30,000.
The market’s positivity was added by the opinion of SkyBridge Capital founder Anthony Scaramucci, who believes that Bitcoin’s capitalization can with ease reach USD 15 trillion due to the actions of the Fed and global de-dollarization.
On some crypto exchanges, the price of derivatives associated with the main cryptocurrency even significantly exceeded the psychological mark of USD 30k.
However, Cointelegraph later deleted the post.
And on Tuesday morning, the BTC/USD rate consolidated below 29k USD.
In our October 10 Bitcoin market analysis, we wrote that the price of BTC could rise as part of an uptrend (shown in blue). And what now?
→ the price tested the USD 30k level, and the bears confirmed their presence at this level, pushing it down;
→ the price may find support from the level of 28,000, which previously served as resistance, which was noticeable in the candles from the end of August to the beginning of October;
→ the price decreased by approximately 50% of the increase in A→B.
If the USD 28k level does not help bulls maintain the progress made on the rumored approval of the application from BlackRock, then the price may return to the descending channel (shown in red), making the prospect of reaching a capitalization of USD 15 trillion even more elusive.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service (additional fees may apply). Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Market Insights with Gary Thomson: Where Are Oil, Gas & Global Indices Heading?
In this video, we’ll explore the key economic events and market trends, shaping the financial landscape. Get ready for insights into financial markets to help you navigate the week ahead. Let’s dive in!
In this episode of Market
Netflix (NFLX) Shares Pull Back After a 30% Surge
On 21 January, while analysing the NFLX chart, we:
→ identified a descending channel and a resistance zone around the $100 level;
→ noted that Netflix shares were showing a sustained downtrend. Selling pressure had been triggered primarily by reports of a
US Dollar Index (DXY) Rises Above the 100 Level
Today the US Dollar Index (DXY) climbed above the psychological 100 mark for the first time in 2026, supported by a tense fundamental backdrop, with the military conflict in the Middle East acting as the main driver.
→ Financial market participants