Bitcoin Price Resumes Climb Above Moving Average Lines
Cryptocurrency analysts are reporting that the price of Bitcoin (BTC) has continued to rise after surpassing the moving average lines on September 28.
Bitcoin Price Long-Term Forecast: Bullish
The BTC price has successfully broken through the $27,200 resistance level and reached a high of $28,000. Buyers have managed to overcome the initial resistances and now control the support at $28,000. If the positive momentum is maintained above this support level, the price of BTC is likely to retest the psychological barrier of $30,000. However, if buyers fail to sustain the positive momentum above $28,000, the cryptocurrency may drop below its recent high and fall back to the breakout level of $27,200. Currently, BTC/USD is trading at $28,045.
Bitcoin Indicator Display
The Relative Strength Index for a period of 14 indicates that Bitcoin is trending upwards with a reading of 67. This suggests that Bitcoin’s upward movement may be limited as it approaches the overbought area of the market. The price bars of the cryptocurrency are higher than the moving average lines, indicating a rising trend. Additionally, the price has surpassed the daily stochastic barrier of 86. This suggests that Bitcoin’s bullish cycle has reached its peak and is now overbought.
Technical Indicators
Key resistance levels for BTC/USD are at $30,000 and $35,000. On the other hand, key support levels are at $20,000 and $15,000.
What’s Next for BTC/USD?
The cryptocurrency has reclaimed the $28,000 support level but has paused in its upward momentum. As the price approaches the overbought area, it is circling above the existing support. If the $28,000 support holds, Bitcoin’s price is expected to continue rising.
Last week, it was reported that Bitcoin experienced a false breakout, falling back above $26,000 after a price rally on September 27 and reaching $27,000 by the end of September 28.
Hot Take: Bitcoin Price Shows Positive Momentum Above Key Support Level
The price of Bitcoin has shown positive momentum as it rises above the key support level of $28,000. If this support holds, BTC is likely to retest the psychological barrier of $30,000. However, if buyers fail to maintain the positive momentum, the cryptocurrency may fall back to its recent high at $27,200. Technical indicators suggest that Bitcoin is trending upwards but may be nearing overbought levels. Overall, the long-term forecast for Bitcoin remains bullish as it continues its climb in the crypto market.
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