[Weekly Analysis] Crypto market analysis of October 20th, 2023

bitbank

bitbank is one of the largest cryptocurrency exchanges in Japan, which holds more than 600,000 users and 31 available trading pairs, with approximately 20~30% spot-volume share domestically. Users can trade cryptocurrencies in spot markets on exchange and on OTC basis. bitbank has also partnered with Mitsui Sumitomo Trust Holdings Inc., one of the largest specialized trust bank groups in Japan, to establish a certified digital asset trust custodian company, Japan Digital Asset Trust Preparatory Company, Inc. (JADAT), in Japan. bitbank is ISMS certified and abides by every financial regulation standard prescribed by the Japanese FSA.

Oct 20, 2023

Written by Yuya Hasegawa, bitbank

After stabilizing just above $28k, bitcoin breached $29k during the Tokyo session on Friday. Despite the “fake ETF approval” conundrum at the beginning of the week, the price of bitcoin managed to recover $28k on Monday. The market’s expectation for spot bitcoin ETF approval has been heating up lately as Ark, Fidelity, and BlackRock have submitted amendments to their respective ETF filings, which could indicate one of the final steps of communication between them and the SEC to consolidate the grounds for approval.

From a technical perspective, bitcoin is back in the bullish territory as the price recovered ichimoku cloud and the 200-day moving average on Monday. These technical signs usually signal the beginning of a sustained rally.

The $30k psychological level is now within reach for bitcoin, but the market could soon exhaust expectation for ETF approval as the SEC still has about two months to decide whether to approve, disapprove, or designate a longer period to make a decision. Plus, bitcoin’s relative strength index (RSI) is starting to dab into the overbought territory, so another leg up for the price may be followed by a correction.

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