Bitcoin price analysis 10/05: BTC rallies above $28,000 level after a bullish trend

SNEAK PEEK

• Bitcoin price analysis surges above the $28,000 level today as bullish pressure builds.
• The token has gained more than 2.60% in the last 24 hours.
• If bullish momentum continues, we can expect BTC prices to hit the $29,000 level soon.

The  Bitcoin price analysis shows an uptrend in the BTC market today, with a minimal surge in the last 24 hours. In the past few hours, bearish pressure was in control and pushed the price to a day low of $27,375. However, the bulls managed to drive prices back above the $28K level as market sentiment turned bullish. 

The recent surge in price has been attributed to institutional investors entering the market as well as increased demand from retail traders.

The support for the BTC/USD is present at $27,375, and if the price dips below this, then a correction to $27,000 is likely. On the upside, resistance lies at $28,322, and if buyers are able to break through this level, then prices may surge further toward the psychologically important mark of $29,000. The buying and selling pressures need to be watched closely, as they will determine the price of BTC in the coming days.

The daily trading volume for BTC is still in negative territory despite the bullish rally. Currently, the trading volume stands at $15 billion, with a loss of 5.80 percent. This could be a sign of exhaustion in the market, which may cause BTC prices to remain range bound in the near future. The market capitalization of Bitcoin stands at approximately $546 billion, with a gain of 2.63 percent over the last 24 hours.

Looking at the latest technical indicators, the 20-EMA crosses the above 50-EMA, a bullish sign for the cryptocurrency. However, the RSI is currently in neutral territory at 79, and if it touches bullish territory, the RSI can move higher in the overbought region. The MACD line is at 0240.1 below the zero line, a bullish sign for BTC. The histograms are increasing in size, indicating increasing bullish momentum.

The four-hour Bollinger bands in the BTC chart are widening, indicating an increase in volatility. The upper band is at 28,938, which may act as the resistance level. If the bulls manage to break this, then prices can surge higher toward $29,000 in the coming days. The lower band is at 26,998 and may act as support for further rallies. The range-bound movement may persist for some time, and the buyers need to break this for further bullish momentum.

Overall, the BTC price analysis indicates that the cryptocurrency is likely to remain volatile on the higher end and may experience some corrections on the downside. The current bullish momentum is likely to continue in the near term, but the buyers need to break above $29000 for further gains. The technical indicators are also in line with this view, and the crypto market should be closely monitored for further price movements. 

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/bitcoin-btc-price-analysis-10-05/