Bitcoin Price Prediction, Bear trap or a sign of deeper trouble

In the beginning of Oct,Bitcoin reached its highest point in six week

Bitcoin dipped to approximately $27,200, relinquishing the majority of its recent gains following a brief surge above $28,500 earlier in the week. Traders opted to secure profits amid concerns stemming from traditional financial market uncertainties. This decline coincided with the ongoing increase in bond market yields, which negatively impacted various risk assets. The 10-year U.S. Treasury rate, for instance, surged by 8 basis points to reach 4.76%, marking a new 16-year high as of early Tuesday.

Will Bitcoin Price Rally in October?

BTC climbed 7.60% last week, forming a bullish candle. After consolidating for five weeks, BTC appears to be turning bullish on multiple timeframes, suggesting the potential for further gains. Buyers are becoming more active, and as long as BTC holds above $26,000, the outlook remains bullish. Any short-term retracement towards support levels could offer buying opportunities. A strong performance in the coming months could increase the chances of a breakout above $30,000. In summary, Bitcoin seems to be in a bullish phase, possibly leading to a rally in October.

Technical Views:-

According to Coingabbar Price Analysis, BTC saw a complete reversal of their gains during the underwhelming first day of ETH futures ETF trading. Presently, BTC is exhibiting a trading pattern within a channel. After being rejected at the upper boundary of the channel pattern, BTC found support along the descending trendline. Notably, the MACD curve has produced a bullish crossover and is currently trending upward, suggesting that bullish momentum may persist for a while. The RSI, hovering around 60, indicates the strength of the bulls, and the supertrend has recently generated a fresh "buy" signal.

KEY LEVELS :

RESISTANCE LEVEL : $27,800-$28,200

SUPPORT LEVEL : $27,200-$26,800

Is now the right time to buy? Is BTC poised for a potential rebound soon? Is Bitcoin kicking off October with a significant upswing? Could this signal the start of a new bull market? Please share your thoughts 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.