Bitcoin prices surged overnight and continued to rise to over $27000.The 50 day and 200 day moving averages avoid death crossing and maintain a positive alignment
- Bitcoin prices surged overnight and continued to rise to over $27000.
- The 50 day and 200 day moving averages avoid death crossing and maintain a positive alignment.
- The upward trend exceeding $28000 will increase BTC's market value to $30000.
Last week, the price trend of Bitcoin temporarily lost its vitality in October and experienced a slight adjustment phase. Starting from the $28000 mark, the reversal occurred during the adjustment phase, resulting in a bottom near $26700 and falling below the 200 day moving average.
Under such a rapid reversal, the forecast for Bitcoin prices highlights the possibility of a bullish long jump this quarter.
Over the weekend, Bitcoin prices have regained their upward momentum, and a decision on Bitcoin spot ETFs will be made tomorrow. In such a high mood, buyers have regained the trend momentum, resulting in a 3.37% increase in the past 48 hours.
The price increase has led to several bullish candles swallowing up, exceeding the 200 day and 50 day moving averages. The current trading price of Bitcoin is $27743, with an intraday increase of 2.08%.
In addition, the sudden reversal of BTC prices caused a round bottom reversal, with the neckline approaching the $28000 mark. Therefore, if buyers can dominate the $28000 mark, the upward trend will be more likely to reach $30000.
Technical indicators:
RSI:The RSI line mimics a price reversal and shows an upward trend, rising above the median and 14 day moving average. Furthermore, it is close to the overbought boundary. The daily RSI line significantly improved potential bullish sentiment through this reversal.
EMA:The 50 day moving average and 200 day moving average remain bullish, and a sudden price reversal leads to an upward trend in the 50 day moving average. If the bullish trend continues, EMA will provide dynamic support for BTC prices.
Where is the price trend of Bitcoin (BTC)?
Considering that the upward trend has exceeded the $28000 mark, $30000 is the next milestone for BTC prices. However, as the "upward" sentiment rises this year, the sentiment driven rebound may cross multiple resistance levels. In this situation, the $31600 mark may be breached, and buyers may hit the $35000 mark.
On the other hand, the possibility of a bearish reversal is very low. However, if sellers maintain a dominant position at $28000 and the US Securities and Exchange Commission delays confirmation of Bitcoin spot ETFs, then a sideways trend is possible. In this case, the price trend may retest the $27000 mark.
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