October 1st Bitcoin Price Analysis: How Will BTC Perform in October?

• Bitcoin has broken the ceiling of the short-term downtrend, indicating initially a slower descent. The currency has broken the inverse head and shoulders formation.
• The currency is testing the resistance at the $27,300 level. This could result in a negative reaction, but breaking above the $27,300 level is a positive signal.
• The current live Bitcoin price is $27,196.15 USD, with a 24-hour trading volume of $6,194,212,463 USD. Bitcoin has gained 0.80% in the last 24 hours.

Bitcoin’s price started October by rising above $27,100: What does the short, medium, and long-term outlook tell us? Updated BTC analysis!

Short-Term BTC Analysis

Bitcoin has broken the ceiling of the short-term downtrend, indicating initially a slower descent. The currency has broken the inverse head and shoulders formation. A clear break above the neckline around $26,968 will signal a rise to $28,631 or higher. The currency is attempting to stay above the $27,100 resistance level. This could result in a negative reaction, but breaking above the $27,100 level is a positive signal.

Volume has been high at price peaks and low at price troughs. The volume balance is also positive, strengthening the currency. In the short term, the currency is generally considered mildly positive from a technical standpoint.

Medium-Term BTC Analysis

Bitcoin has broken the ceiling of the medium-term downtrend, indicating initially a slower descent. The price has broken the $26,968 resistance of the inverse head and shoulders formation. Clear breaks of such formations are considered strong signals for further upside. The currency is testing the resistance at $27,300. This could result in a negative reaction, but breaking above the $27,300 level is a positive signal. Positive volume balance indicates aggressive buying and passive selling, strengthening the currency. In the medium term, the currency is generally considered mildly positive from a technical standpoint.

Long-Term BTC Analysis

Bitcoin has broken the base of the long-term rising trend channel. This initially indicates a slower ascent or the beginning of a more horizontal development. The currency is moving within a rectangle formation between support at $25,884 and resistance at $32,128. A clear break of either of these levels will signal a new direction for the currency. The currency currently resides between support at $25,600 and resistance at $31,000. A clear break of either of these levels indicates a new direction. Positive volume balance strengthens the currency in the short term. The RSI is diverging negatively from the price, suggesting a potential downward reaction. In the long term, the currency is generally considered mildly positive from a technical standpoint.

Bitcoin Price

The current live Bitcoin price is $27,196.15 USD, with a 24-hour trading volume of $6,194,212,463 USD. Bitcoin has gained 0.80% in the last 24 hours. According to the current CoinMarketCap ranking, Bitcoin is ranked 1st with a market capitalization of $530,349,256,841 USD. There are 19,500,893 BTC coins in circulation, with a maximum supply of 21,000,000 BTC coins.