Bitcoin [BTC] saw heightened volatility on Monday (16 October) after false news of a Bitcoin spot ETF approval by the SEC. It faced rejection at $30k but continued to show signs of another move upward. One of these was its ascent past the Warm Supply Realized Price.
The lack of buying pressure could see BTC consolidate around the $28k-$28.5k region. A scenario where BTC trades sideways over the next few days could give the market time to decide on the next move.
Based on the evidence at hand, though, Bitcoin maintained a bullish bias on the daily chart but lacked demand at the moment to justify expectations of another move toward $30k.
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