- The world’s top cryptocurrency, Bitcoin (BTC), has recently seen a remarkable surge, surpassing the $28,000 mark on Monday.
- Bitcoin’s value climbed from approximately $27,100 to nearly $28,000, while Ethereum briefly reached $1,755 before stabilizing at around $1,727.
- Looking at Bitcoin from a 4-hour chart perspective, important price levels to watch include a pivot point at $27,334.
The sudden price surge in Bitcoin surprised the market: What path will Bitcoin take now? Let’s look at the current price chart and technical indicators!
Bitcoin Price Started Rising on Monday
The world’s top cryptocurrency, Bitcoin (BTC), has recently seen a remarkable surge, surpassing the $28,000 mark on Monday. At this time, the entire cryptocurrency market had a total value of approximately $1.11 trillion and recorded a 3.05% growth in the last 24 hours.
However, this sudden surge was a result of unexpected increased demand for Bitcoin and Ethereum. In just 15 minutes, the values of the two leading cryptocurrencies saw a significant increase of 4%, which surprised many investors and traders. This event created great excitement among crypto enthusiasts and investors, boosting hopes for a bullish trend throughout October. However, it also resulted in losses of over $70 million in short trades, leaving traders bewildered.
Bitcoin’s value climbed from approximately $27,100 to nearly $28,000, while Ethereum briefly reached $1,755 before stabilizing at around $1,727. This happened during a period known as “Uptober,” which is generally recognized as a time when cryptocurrencies perform well.
Bitcoin has experienced a significant price increase recently, breaking above $27,500 after a month of stable prices. The cryptocurrency is currently targeting $28,000 and could potentially enter a period called “Uptober,” where it might surpass $30,000 if it manages to maintain this level.
ETF Approvals and Market Recovery
Another factor contributing to the increase in BTC’s price is the recent SEC approval for Valkyrie Funds to include Ethereum futures in the Bitcoin futures ETF. This indicates a growing interest in cryptocurrency futures trading. Furthermore, the moderate recovery of US stocks and the 10-year Treasury yield hitting its lowest level in 16 years have played a role in the market.
Additionally, VanEck’s application for an Ethereum futures-based ETF has sparked optimism, initiating discussions about digital asset ETFs. The recognition of Bitcoin in Shanghai and the SEC’s decision to postpone rulings on cryptocurrency ETFs have created expectations in the crypto world.
Current Bitcoin Price Prediction
Bitcoin is often considered the king of cryptocurrencies and has recently experienced significant bullish momentum. Looking at a 4-hour chart perspective, important price levels to watch include a pivot point at $27,334. Additional resistance levels for BTC are expected at $28,800 and $29,300. On the contrary, Bitcoin could find support around $26,900, with further support at $26,500 and $25,995.
Technical Indicators: Delving into technical indicators makes the story even more interesting. The Relative Strength Index (RSI) is at 80, which typically indicates overbought conditions and suggests a possible pullback.
The Moving Average Convergence Divergence (MACD) is at 106, with the signal line at 202. The price comfortably sits above the 50-day Exponential Moving Average (50 EMA), which indicates a bullish trend in the short term.
In terms of chart patterns, the appearance of the ‘Three White Soldiers’ pattern emphasizes strong buying sentiment. This is a clear bullish signal that further highlights the strong upward momentum of the asset.
In conclusion, the overall trend for Bitcoin is bullish. Investors may consider buying above $27,500 and set their targets at $28,800 or even $29,300. However, caution is advised: If Bitcoin fails to surpass $28,300, it could trigger a selling trend.
In the short term, we can expect Bitcoin to test the $28,800 resistance and aim for $29,300 in the following days, depending on market activity.
