Bitcoin Bounces And Approaches The $28,600 Mark

Oct 09, 2023 at 08:08 // Price
Author
Coin Idol
The bulls are in charge as Bitcoin is trading in the area of the uptrend

The latest price analysis by Coinidol.com report, Bitcoin (BTC) price has held steady above $27,000 since its price rally on October 1.

Bitcoin price long-term forecast: bullish

The largest cryptocurrency got stuck after rising as high as $28,611 on October 2. Last week, buyers were unable to keep the positive momentum above the $28,600 resistance. As a result, the Bitcoin price has jumped below its recent high.

At the time of publishing this article, one Bitcoin costs $27,512. On the positive side, if the current resistance is overcome, Bitcoin will reach the psychological price level of $30,000. Bitcoin will be forced to swing sideways between $26,850 and $28,400 as the upward momentum is neutralized. Currently, the Bitcoin price is reversing its downside losses.

Bitcoin indicator display

Bitcoin will trade above the current support as long as the price bars are above the moving average lines. The largest cryptocurrency will continue its positive trend as long as the price bars remain above the moving average lines. The situation will change if the price bars fall below the moving average lines.

BTCUSD_(Daily Chart) – OCT. 9.23.jpg

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

The cryptocurrency value moved in a range last week, above the moving average lines but below the recent high. The bulls are in charge as Bitcoin is trading in the area of the uptrend. The current rally will continue if Bitcoin rises back above the $27,000 threshold. On the other hand, selling pressure will increase if the current support line is broken.

BTCUSD (4 Hour Chart) – OCT. 9.23.jpg

On October 5, 2023 cryptocurrency analytics specialists of Coinidol.com stated that Bitcoin price has started a series of higher highs and higher lows. BTC rose to a high of $28,611 on Oct. 2, but was then pushed back. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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