Bitcoin Futures Prices Continue to Rise, Indicating a Positive Trend
Date: Tuesday, October 17, 2023
Author: Jim Wyckoff
Bitcoin futures prices have seen a steady rise in early U.S. trading on Tuesday, building on the gains posted the previous day that led to prices reaching a two-month high. This positive momentum has allowed Bitcoin bulls to regain the near-term technical advantage, signaling a potential price uptrend on the daily bar chart. As a result, the path of least resistance for Bitcoin prices is now expected to be sideways to higher in the near term.
Bitcoin, the world’s leading cryptocurrency, has been experiencing increased demand and interest from investors. This surge in popularity has been driven by factors such as increased institutional adoption, growing acceptance as a payment method, and a limited supply of Bitcoin, which has led to its status as a store of value.
Investors and traders in the cryptocurrency market are advised to stay tuned for further updates as Bitcoin’s price continues to develop. As with any investment, it is important to exercise caution and conduct thorough research before making any trading decisions.
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