Bitcoin has recently caused waves in the cryptocurrency market, with speculation that this leading cryptocurrency may reach $28435 by mid October.Recent predictions suggest that the value of Bitcoin may reach $28435 by mid October, with an expected increase of 9%
Bitcoin has recently caused waves in the cryptocurrency market, with speculation that this leading cryptocurrency may reach $28435 by mid October.
Recent predictions suggest that the value of Bitcoin may reach $28435 by mid October, with an expected increase of 9%.
Combined with the latest release on FridayBased on non farm employment data (NFP), this optimistic prediction is more credible.
Better than expected non farm employment report drives the potential rise of Bitcoin
These numbers exceeded expectations, with the employment department adding a staggering 336000 positions, compared to the predicted 171000 positions, a significant improvement from the revised 227000 positions last month.
In addition, although the average hourly wage slightly increased by 0.2% month on month, which is consistent with the previous month, it is slightly lower than the expected 0.3%.
unemployment rateStable at 3.8%, slightly higher than the expected 3.7%.
Investors closely monitor macroeconomic and cryptocurrency specific factors as the potential rise of Bitcoin in the coming weeks has sparked interest.
Bitcoin Price
As of October 7th, the trading price of Bitcoin (BTC/USD) was $27922, up nearly 2% in the past 24 hours and 4% in the past week, which is commendable.
The recent price increase is consistent with the massive 24-hour trading volume of over $13 billion, consolidating Bitcoin's dominant position in the cryptocurrency market.
According to CoinMarketCap, Bitcoin currently ranks first with a market value of approximately $544 billion.
The current circulation supply is 19506306BTC coins, approaching the maximum supply limit of 21000000 BTC coins.
Bitcoin Price
From a technical perspective, key price levels may arise when evaluating the 4-hour time frame. The pivot point is located at $27334. Bitcoin may soon face direct resistance of $28435, followed by $28715 and $29421.
On the other hand, Bitcoin has direct support at $26649, and if bearish pressure intensifies, the asset may further decline to $25323 or even as low as $24556.
Through in-depth research on technical indicators, the Relative Strength Index (RSI) is currently at 60, indicating that bullish sentiment dominates.
This deviation usually implies potential upward momentum. In addition, the price of Bitcoin has exceeded its 50 day moving average (EMA) of $27444, further supporting the bullish trend.
A symmetrical triangular breakthrough was observed at the $27000 level. This mode is usually considered a sustained mode, implying that Bitcoin maintains its upward trajectory.
Bullish bias is still prevalent, especially considering the breakthrough of this triangular shape. The asset continues to close outside the triangle and its position is above 50EMA, reinforcing the current bullish narrative.
Bitcoin is currently showing a bullish trend, and its future prospects look optimistic, especially if the cryptocurrency can remain above the $27445 mark.
If the bullish trend continues, we have ample reason to believe that Bitcoin will soon test the direct resistance level of $28435 in the coming days.
Bitcoin Price 10 28,435
As always, it is recommended that investors and traders conduct research and exercise caution when making investment decisions.
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