Bitcoin (BTC) is due to finish 2023 as it started, on-chain analytics firm Glassnode says as October gains near 30%.
In the latest edition of its weekly newsletter, “The Week On-Chain,” released Oct. 24, researchers argued that the past week “sets the foundation” for a BTC price uptrend.
BTC price “convincingly” beats out resistance levels
As it hit $35,200 this week, Bitcoin eclipsed various key trendlines, which had previously acted as support for months.
These included various moving averages (MA), among them the 200-week simple MA at $28,400 — the classic “bear market” support line.
“A cluster of long-term simple moving averages of price are located around $28k, and have…
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