Crypto News

Bitcoin Price Holds Above $33,000

Bitcoin Price Holds Above $33,000, Technical Bulls Signal Further Upside

Bitcoin (BTC) sustained some of its recent upward trajectory early Thursday in Asia, trading as high as $34,665.61, representing a test of the 78.6% retracement of the recent depreciating range from $35,157.23 to $33,000.

The technical outlook for Bitcoin is bullish in the short term, with technical indicators such as the moving average convergence divergence (MACD) and the relative strength index (RSI) signaling further upside.

Additional upside price objectives include $35,718, $35,982, $36,115, $36,541, $36,798, $37,239, $37,890, $38,409, $38,561, $38,584, $39,636, $40,549, $40,743, $40,837, $41,402, $43,841, $43,860, and $44,269 levels.

On the downside, support levels can be found at $33,000, $32,500, $32,000, $31,500, $31,000, $30,500, and $30,000.

Overall, the technical outlook for Bitcoin is bullish in the short term, with further upside potential indicated by technical indicators. However, traders should be aware of the potential for downside volatility, especially if Bitcoin fails to hold above the $33,000 support level.

Other Bitcoin News Today

  • Binance to Launch Spot Trading Pairs for ALGO/FDUSD, DOT/FDUSD, FTM/FDUSD, LINK/FDUSD, NEAR/FDUSD, and STRAX/TRY

Binance, the world’s largest cryptocurrency exchange, announced on Thursday that it will launch spot trading pairs for ALGO/FDUSD, DOT/FDUSD, FTM/FDUSD, LINK/FDUSD, NEAR/FDUSD, and STRAX/TRY. Trading will open on October 26 at 08:00 UTC.

  • BlackRock’s iShares Spot Bitcoin ETF Relisted on the DTCC

BlackRock’s iShares Spot Bitcoin ETF has been relisted on the Depository Trust & Clearing Corporation (DTCC), according to a tweet from WatcherGuru on Wednesday. The ETF was delisted from the DTCC in July of this year, which prevented it from being launched.

The relisting of the iShares Spot Bitcoin ETF on the DTCC is a positive development for the cryptocurrency industry, as it could lead to the launch of the first spot Bitcoin ETF in the United States.

Tips for Long-Term Investment in Bitcoin

Bitcoin is a volatile asset, but it has the potential to generate significant returns over the long term. Here are some tips for long-term investment in Bitcoin:

  • Invest only what you can afford to lose. Bitcoin is a risky asset, and there is no guarantee that its price will continue to rise. Only invest money that you can afford to lose without it having a negative impact on your financial situation.
  • Do your research. Before you invest in Bitcoin, it is important to understand what it is and how it works. Read articles and watch videos about Bitcoin, and talk to other investors.
  • Invest for the long term. Bitcoin is still a relatively new asset class, and its price is likely to remain volatile in the short term. The best way to invest in Bitcoin is for the long term, with a time horizon of at least five years.
  • Use dollar-cost averaging (DCA). DCA is an investment strategy that involves investing a fixed amount of money at regular intervals. This can help you to reduce your risk and average out your purchase price over time.
  • Store your Bitcoin safely. Bitcoin is a digital asset, and it is important to store it safely. There are a number of different ways to store Bitcoin, including hardware wallets, software wallets, and exchange wallets. Choose a storage solution that is right for you and that you trust.
Here are some additional tips that may be helpful for long-term Bitcoin investors:
  • Consider diversifying your portfolio. Bitcoin is a great investment, but it is important to diversify your portfolio by investing in other assets as well. This will help to reduce your overall risk.
  • Be patient. Bitcoin is a long-term investment. Don’t expect to get rich quick. Just hold your Bitcoin and be patient, and you may be rewarded in the long run.
  • Monitor the market. It is important to stay up-to-date on the latest news and developments in the Bitcoin market. This will help you to make informed investment decisions.

Investing in Bitcoin can be a risky proposition, but it also has the potential to generate significant returns over the long term. By following the tips above, you can increase your chances of success.

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