Bitcoin Price Prediction, Bulls struggling near 200-day MA
- Bulls are contending with bears at the $28,000 resistance level, which is linked to a declining trendline
- BTC on the daily chart is currently confined within a downward-sloping trendline
- During the early morning, BTC once more faced rejection at the 200-Day Moving Average
Bitcoin broke $28,000 but struggles against the 200-day EMA resistance
Bitcoin price has recently shown a significant uptrend, following a lengthy period of consolidation where the primary cryptocurrency remained stagnant below the $27,000 threshold for an entire month. On October 6th, Bitcoin's price made strides toward recapturing the $28,000 mark, buoyed by positive market reactions to the latest US Labor market report.
Is Bitcoin Destined to Surge Above the 200-Day EMA?
On October 1st, Bitcoin briefly surged above $28,000 but encountered significant resistance from the 200-day moving average, dipping to around $27,200. Despite conflicting price predictions, it struggled to surpass previous highs and faced rejection at $28,000 after Wall Street's opening on October 5th. The 100-day EMA provided immediate support at $27,350. Bulls are currently striving to break the persistent falling trendline at the $28,000 resistance, with a close above the 200-day moving average potentially leading to a robust rally. Bitcoin's RSI indicates a bullish trend, nearing overbought territory and supported by a bullish divergence.
Technical Views:-
According to Coingabbar Price Analysis, Bitcoin has exhibited reduced volatility as of October 6, following a recovery from around $24,901 in mid-September. Currently trading at $28,000 with a 1.50% increase in the last 24 hours, the 4-hour chart displays an upward channel pattern, supported by the 50 EMA, indicating strong buying interest and suggesting potential bullish momentum continuation. Immediate resistance levels for Bitcoin lie at $28,565 and $29,261, while immediate support levels are at $27,200, followed by $26,800 and $26,400.
KEY LEVELS :
RESISTANCE LEVEL : $28,300-$28,600
SUPPORT LEVEL : $27,600-$27,100
Will Bitcoin hit $30,000 after a robust Non-Farm Payroll report? Is Bitcoin poised for a substantial price surge this month? Are we expecting an AltSeason in 2023? Can BTC see a price rebound before the weekend? Please share your views in the comments below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
