Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD, Bitcoin Futures CME, Bitcoin, ETH/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
, by its turn, continued its steep ascent during the last week of September with a similar momentum, aiming to reverse the prevailing trend.Presently, Bitcoin is trading above its 200-day Moving Average at $28,000, reflecting a 5% increase since the opening price yesterday. This rise is a response to the technical correction that followed the 50-day MA crossing below the 200-day MA in mid-September.
Bitcoin is presently testing an intermediate resistance at $28,430, corresponding to the Fibonacci 0.5 level for today. Should the day conclude above this threshold, the upward momentum may persist, potentially reaching the more formidable resistance point of $29,130.Should Bitcoin find support at the Fibonacci 0.618 level, it could pave the way for a breakthrough beyond $30,000, reigniting discussions about the 2023 peak range of $30,000 to $31,000.
In summary, Bitcoin stands poised to maintain its upward momentum this week, as long as it remains above the 200-day Moving Average level at $28,000, with the upper boundary of the descending channel serving as secondary support.
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