Bitcoin prices rapidly rose overnight and continued to climb to over $27000.The 50 day and 200 day moving averages avoid death crossing and maintain a positive alignment
Bitcoin prices rapidly rose overnight and continued to climb to over $27000.
The 50 day and 200 day moving averages avoid death crossing and maintain a positive alignment.
If the upward trend can break through $28000, then the market value of Bitcoin may rise to $30000.
Last week, Bitcoin prices experienced a brief adjustment, temporarily losing the upward momentum of October. The price has rebounded from the critical level of $28000, and this adjustment has caused the price to reach around $26700 and fall below the 200 day moving average.
Under this rapid reversal, the outlook for Bitcoin prices has raised expectations of a bullish trend in the current quarter.
Bitcoin prices have rebounded over the weekend, and tomorrow there will be a decision on Bitcoin spot ETFs. Under this high sentiment, buyers have regained the dominant position, resulting in a 3.37% price increase in the past 48 hours.
The price increase has triggered the emergence of several bullish candles swallowing up, exceeding the 200 day and 50 day moving averages. Currently, Bitcoin is trading at $27743, with an intraday increase of 2.08%.
In addition, the sudden reversal of BTC prices resulted in a circular bottom reversal pattern, with the neckline approaching a critical level of $28000. Therefore, if buyers can dominate at a critical level of $28000, then an upward trend may be more likely to drive prices up to $30000.
Technical indicators:
RSI (Relative Strength Index): The RSI line reflects a price reversal, showing an upward trend and rising above the median and 14 day moving average. In addition, it is close to overbought levels. This reversal of the daily RSI line significantly improves the underlying bullish sentiment.
EMA (Index Moving Average): The 50 day and 200 day moving averages remain bullish, with a sudden reversal in prices causing the 50 day moving average to move upwards. If the bullish trend continues, EMA will provide dynamic support for Bitcoin prices.
Where is the price trend of Bitcoin (BTC)?
Considering that the upward trend has exceeded the $28000 mark, $30000 will become the next important target for Bitcoin prices. However, as the "bullish" sentiment heats up this year, the sentiment driven rebound may break through multiple resistance levels. In this situation, the $31600 mark may be breached, and buyers are expected to reach the $35000 mark.
Nevertheless, the likelihood of a bearish reversal is relatively low. But if sellers regain their dominant position at the $28000 price level and the US Securities and Exchange Commission delays approval of Bitcoin spot ETFs, then prices may continue to fluctuate. In this case, the price trend may once again test the $27000 mark.
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