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BTC is driven by expectations of a spot Bitcoin ETF and news related SEC vs XRP.

📈 Technical analysis BTC/USDT

As we mentioned in the previous review, Bitcoin's chart now reflects expectations of BlackRock's spot Bitcoin ETF approval. Another reason for the current rise was the news of the SEC withdrawing its lawsuit against Ripple (XRP).

Following our scenario, after consolidating BTC above the $28,000 level, it has predictably reached a retest of the psychological level of $30,000 and the upward resistance trendline. This retest will determine its further direction of the price movement. However, BTC quickly passed through the 1W Imbalance zone without filling the gaps at horizontal volume trading levels. Therefore, we are currently expecting a local correction and trading in this zone. The trigger for the start of this decline could be an exit from the overbought zone of the RSI indicator.

Then, if the price manages to surpass the $30,000 level and hold above it, we will anticipate movement towards the primary target of the current scenario: the 1W Imbalance zone and testing the global upward trendline in the range of $33,000 to $35,000.

This scenario could be invalidated if the price drops below the 0.78 Fibonacci retracement level and consolidates itself below the symmetric level of $28,500.

📉 Bitcoin market global analysis

On the daily logarithmic chart, the BTC price continues to consolidate above the 200-week moving average and has approached the supply zone. If the price consolidates above the significant resistance block at $30,000, we can anticipate the realization of our primary scenario: a retest of the lower boundary of the Bearish Wedge pattern in the range of $33,000 to $35,000. This would occur before a correction of the entire upward movement since the beginning of this year, which we expect to fall within the 0.61-0.78 Fibonacci retracement levels, namely in the range of $20,000 to $25,000.

The RSI indicator has entered the overbought zone; however, there is still approximately 20% of headroom. Entering the extreme overbought zone could act as a trigger for a trend reversal beginning.

💠 Analysis of zones and levels for making trading decisions

The fear and greed index has returned to the neutral zone, currently standing at 53.

The total cryptocurrency market capitalization has risen to $1,099 billion, with Bitcoin's dominance index reaching 52.47.

Analyzing the accumulation of large order blocks in the order books, we observe the following demand and supply zones:

🟢 Demand Zone: 24,000 - 27,500

🔴 Supply Zone: 30,000 - 35,000

Levels for long positions:

26,500 - A support block and trendline retest.

25,000 - Another support block and trendline retest.

23,000 - The point of control (POC) zone.

22,000 - The 0.61 Fibonacci retracement level.

20,000 - The 0.78 Fibonacci retracement level.

17,000-19,000: The 1-hour imbalance zone.

Levels for short positions:

30,000 - The 0.78 Fibonacci retracement level.

35,000 - The 1-week imbalance zone.

36,000-38,000: A zone for a potential trendline retest.

40,000 - A psychological resistance level.

📊 Fundamental analysis

Today, the U.S. Securities and Exchange Commission (SEC) withdrew its lawsuit against Ripple's CEO Brad Garlinghouse and co-founder Chris Larsen. The digital asset market is reacting positively to Ripple's victories, as it plays an important role in shaping transparent regulation of the cryptocurrency market by regulatory authorities. The future of other cryptocurrencies may depend on Ripple's success.

The S&P500 index of the largest U.S. companies failed to break through the dynamic resistance line of EMA50 and continued its decline towards the support level at 4,200. The U.S. Dollar Index (DXY) is currently trading sideways.

🌐 Upcoming Events in the Global Economy

The following dates are expected to bring increased volatility to both stock and cryptocurrency markets:

➤ October 26, 15:30 - U.S. GDP data for the 3rd quarter.

➤ November 1, 21:00 - New decision on the Federal Reserve interest rate.

➤ November 3, 15:30 - Unemployment rate data for October.

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