CryptoBusy, a cryptocurrency analyst, has recently shed light on the potential breakout of Bitcoin (BTC), emphasizing the pivotal role of positive catalysts in this scenario. The cryptocurrency had a chance to breakout last week, but a series of unfavorable market news led to a rejection at $27,400. Only a positive catalyst can instigate a breakout due to prevailing market conditions.
Over the past few months, the crypto community has been anxiously awaiting the approval of Spot Bitcoin ETF. Bitcoin is currently anticipating the ETF spot approval, with the second deadline approaching by mid-October. This development is crucial as it could influence the trajectory of cryptocurrency in the market.
Moreover, CryptoBusy has warned crypto traders, highlighting the expiration of nearly $5 billion in Bitcoin and Ether options on Friday. This expiration is significant as it could impact the prices of BTC and ETH. The maximum pain for BTC and ETH September expiry options is $26,500 and $1,650, respectively. There is speculation within parts of the community about whether BTC could reach $26,500 by Friday.
#Bitcoin #BTC Guide!🚨
— CryptoBusy (@CryptoBusy) September 26, 2023
What will trigger a breakout?$BTC had the opportunity to break out last week, but several negative market news events occurred, resulting in a rejection at $27,400
IMO, Only a positive catalyst can make it breakout at this point due to several market… https://t.co/HoUe51k8de pic.twitter.com/57fzJ7Y3fQ
Significantly, the upcoming ETF spot approval is another focal point in the market. The approval could alter market dynamics and influence the prices of cryptocurrencies. The community eagerly awaits the outcome, proliferating discussions and analyses across various platforms.
Besides the speculations and anticipations, the cryptocurrency market continues to evolve, with new developments shaping its course. The market is a complex interplay of various factors, and understanding its nuances is crucial for effective participation.
In the last 24 hours, Bitcoin has been trading in a bullish sentiment with a price increase of 0.64% and is currently exchanging hands at the rate of $26,240.23. However, the current bullish optimism might soon come to an end. This is indicated by the decrease in BTC trading volume, which has decreased by 9.99% to $10,266,703,743. BTC market capitalization has recorded an increase of 0.73% and is currently at $511,825,269,077.
