Summary of the Story
- Overnight, the price of bitcoin spikes dramatically and continues to rise, crossing $27,000.
- EMAs of 50 and 200 days Defend against a fatal cross and maintain straight alignment.
- The BTC market value will reach $30K if an upward trend persists over $28K.
Last week, the BTC price action went through a brief phase of correction as it temporarily lost its October zeal. The correction phase resulted in a bottom formation about $26,700, dipping below the 200-day EMA after the price reversed from the $28,000 level.
The Bitcoin price forecast indicates a chance of a bullish long jump this season with such a swift reversal.
With the verdict on the Bitcoin spot ETF due tomorrow, the BTC price recovered its upward momentum over the weekend. With such positive feelings, purchasers were able to pick up the trend momentum, which resulted in a growth of 3.37% over the previous 48 hours.
The price increase causes a few bullish engulfing candles to form, surpassing the 200-day and 50-day EMAs in the process. At the time of writing, the price of one bitcoin is $27,743, with an intraday gain of 2.08%.
Additionally, the abrupt change in the price of BTC results in a bottom reversal with a neckline that is quite close to the $28,000 level. Therefore, the upswing will be more likely to hit $30,000 if buyers are successful in asserting control over the $28,000 level.
Technical signs:
RSI: The RSI line mirrors price reversal and shows an increase to cross the 14-day SMA and the halfway line. Additionally, it is getting close to the overbought limit. With this reversal, the daily RSI line greatly strengthens the underlying bullish thoughts.
EMA: The 50-day and 200-day EMAs continue to be in bullish alignment, and the abrupt price reversal causes the 50-day EMA to rise. The EMAs will offer the BTC price dynamic support if the bullish trend holds.
Where is the Price of Bitcoin (BTC) Going?
Given that the uptrend has surpassed the $28,000 level, the next significant level for the price of bitcoin is $30,000. However, given the improved feeling this “Uptober,” a sentiment-fueled rally may be able to overcome numerous barriers. In this situation, the $31,600 threshold can be crossed and the $35,000 threshold can be reached by the buyers.
On the other hand, there is little probability of a negative reversal. A sideways trend is however feasible if the sellers continue to hold sway at $28,000 and the SEC delays the certification of Bitcoin’s spot ETF. In this situation, the price movement may once more attempt the $27,000 level.