BTC Price Analysis: Bitcoin Starts Uptober With A Boom!
The post BTC Price Analysis: Bitcoin Starts Uptober With A Boom! appeared first on Coinpedia Fintech News
With the start of October, the Bitcoin price trend enters the bullish highway, putting the altcoin market into a fresh recovery phase. The BTC price jumps by 3.82%, forming a large candle and acting as the bullish sigil of a new uptrend.
Fueling the October uptrend in Bitcoin, the short-term resistance trendline breakout remains a pivotal point. And the recent comeback puts the Bitcoin price prediction on the bullish side.
Breaking the streak of lower high formations, the BTC price trend overcomes the supply pressure at the trendline. Following the retest with a red Doji candle, the Bitcoin price shoots up with the start of the new month.
Furthermore, the recent price jump gives the inverted head and shoulder breakout. With the neckline around the $27K barrier, the cryptocurrency is heading on a positive path with the breakout rally.
Currently, the BTC price trades at $28,069 with an intraday hike of 0.26%, reflecting the buyers planning to continue the trajectory. With the bullish sentiments on the rise, the Bitcoin price trend will continue and help the overall market recover.
Moreover, with the Bitcoin spot ETF decisions by the SEC approaching closer, the sentiments are extremely high. Therefore, high price movements in Bitcoin are possible in the coming weeks.
Technical indicators:
Relative Strength Index: With the sudden BTC price jump, the daily RSI line spikes closer to the overbought boundary. It signals a solid underlying bullishness ready for a big move.
MACD: The MACD and signal lines cross into the positive side, with the rising histograms reflecting a strong, bullish side.
EMA: The price jump lowers the possibility of the death cross gaining a bearish gap and hints at a potential reversal to regain positive alignment.
Where is the Bitcoin (BTC) Price Heading?
With the market sentiments improving and the momentum rising in October, BTC price may soon cross the $30K mark. Rising significantly above the EMAs and teasing a trendline reversal, entering Bitcoin below $30K can be a good idea for many. Even better, if the SEC approves the Bitcoin ETF, the price could skyrocket to $35,000.
On the bottom side, a reversal to $26,274 can plunge Bitcoin to $25,600 or $24,900 in a worst-case situation.
Filed under: Bitcoin - @ October 2, 2023 5:56 am