September 29 Bitcoin Price Analysis: Will BTC Hold Above $27,000?

• Bitcoin has broken above the upper boundary of the short-term descending trend channel. This initially indicates a slower downward pace or the beginning of a more horizontal development.
• The cryptocurrency is testing the resistance at 27,100 points. This could trigger a negative response, but surpassing the 27,100 point mark to the upside is a positive signal. Volume has been high at previous price peaks and low at price dip levels.
• Today’s Bitcoin price is $26,929.27 USD, with a 24-hour trading volume of $14,362,503,942 USD. Bitcoin has shown a 1.3% increase in the last 24 hours.

In our updated Bitcoin price analysis for September 29, we’ve examined BTC’s short, medium, and long-term outlook: Can Bitcoin hold above $27,000?

Short-Term BTC Analysis

Bitcoin has broken above the upper boundary of the short-term descending trend channel. This initially indicates a slower downward pace or the beginning of a more horizontal development. A reverse head and shoulders formation is developing. Clearing the 26,982 resistance, preferably with an increase in volume, signifies further upward movement. The cryptocurrency is testing the resistance at 27,100 points. This could trigger a negative response, but surpassing the 27,100 point mark to the upside is a positive signal. Volume has been high at previous price peaks and low at price dip levels. The volume balance is also positive, which strengthens the cryptocurrency. In the short term, the currency is generally considered technically neutral.

Medium-Term BTC Analysis

Bitcoin has broken above the upper boundary of the medium to long-term descending trend channel. This initially indicates a slower downward pace or the beginning of a more horizontal development. The cryptocurrency is moving within a rectangle formation between the support at 25,868 and the resistance at 32,112. Clearing one of these levels decisively will predict the new direction for the currency. Support and resistance levels for the currency are between 26,000 and 27,300 points. Positive volume balance suggests that buyers are aggressive while sellers are passive, strengthening the currency. In the medium term, the currency is generally considered technically neutral.

Long-Term BTC Analysis

Bitcoin has broken below the base of a long-term ascending trend channel. This initially indicates a slower upward pace or the beginning of a more horizontal development. The cryptocurrency is moving within a rectangle formation between the support at 25,868 and the resistance at 32,112. Clearing one of these levels decisively will predict the new direction for the currency. Support and resistance levels for the currency are between 25,600 and 31,000 points. Positive volume balance indicates that volume is higher on rising price days than on falling price days, showing increased optimism among investors. RSI is diverging negatively from the price, signaling a downside risk. In the long term, the currency is generally considered slightly positive.

Bitcoin Price

Today’s Bitcoin price is $26,929.27 USD, with a 24-hour trading volume of $14,362,503,942 USD. Bitcoin has shown a 1.3% increase in the last 24 hours. With a current CoinMarketCap ranking of 1, it has a live market cap of $525,100,761,531 USD. It has a circulating supply of 19,499,256 BTC coins and a maximum supply of 21,000,000 BTC.