- According to observations shared on September 18, Bitcoin recently crossed the first bullish crossover (weekly stochastic relative strength index – RSI) at such a low level for the first time since July 2022.
- According to Martinez, “An increase in BTC buying pressure could drive prices towards the middle or upper bound of the channel – targeting $28,000 or $31,000.”
- As of now, Bitcoin is trading at $27,280 with a 2.8% increase in the last 24 hours. Recent charts show a 6.50% gain over the past week and a 3.50% gain in the previous month.
Bitcoin has regained the psychological resistance level of $27,000. What’s next for BTC? Is a bigger rally in store?
Bitcoin Could See Further Upside
Since Bitcoin has started to recover from the losses of the recent crypto market dip, technical analysis (TA) indicators are suggesting that a bigger rally could be on the horizon for the leading DeFi asset.
Specifically, according to observations shared on September 18th by cryptocurrency analyst Moustache, also known as el_crypto_prof, Bitcoin has recently crossed its first bullish intersection (weekly stochastic relative strength index – RSI) at the lowest level since July 2022.
In addition to this bullish sign, cryptocurrency trading expert Ali Martinez noted that Bitcoin has formed a buy signal on its three-day chart with the TD Sequential indicator, a TA tool created by market analyst Tom DeMark and used to evaluate potential trend reversal and continuation patterns in financial markets, including the cryptocurrency market.
According to Martinez, “the increase in BTC buying pressure could push prices towards the middle or upper boundary of the channel – targeting $28,000 or $31,000.” However, she recommends keeping an eye on the “TD Risk Line, which is defined as the ‘key invalidation point’ and is at $24,500.”
Bitcoin’s Current Price Status
As of now, Bitcoin is trading at $27,280 with a 2.8% increase in the last 24 hours. Recent charts show a 6.50% gain over the past week and a 3.50% gain in the previous month.
With Bitcoin finally surpassing the crucial psychological level of $27,000 and indicators remaining bullish, and as positive sentiment continues to attract investors in the broader market, the first cryptocurrency could potentially see further upside.
