The cryptocurrency market saw a notable surge earlier this week, with Bitcoin crossing the $27,000 mark for the first time this month. This move comes at a time of optimism in the stock market, with the Fed’s monetary policy meeting scheduled for Wednesday (20).
The dominant expectation among investors is that the US central bank will keep interest rates stable, with a smaller chance of a rise in November.
Despite generally negative sentiment among investors, Bitcoin has posted its first consecutive weekly gain since May, after rising nearly 8% since the dreaded death cross appeared on the daily price chart.
Bitcoin’s 50-day moving average, which began declining in August, recently surpassed its 200-day average, raising concerns about the potential decline in the cryptocurrency’s long-term momentum.
However, despite the concerns and volatility, Bitcoin rose again, posting a monthly gain of more than 4%.
Bitcoin Crosses First Bullish Line in Over a Year
Bitcoin’s upward move in September saw the digital currency surpass its first bullish line on the weekly stochastic relative strength index (RSI). This is the first time such a phenomenon has occurred since July 2022, as noted by cryptocurrency analyst el_crypto_prof.
The digital currency is showing promising signs of recovery following the recent market decline, with analysts pointing to several indicators that point to an even more significant rise in the coming days.
Another positive signal came from Ali Martinez, a cryptocurrency trading expert, who highlighted a buy signal on Bitcoin’s three-day chart using the TD Sequential indicator.
This tool was developed by market analyst Tom DeMark and serves to evaluate potential trend reversals and continuation patterns in financial markets, including cryptocurrencies.
Martínez believes that “An increase in Bitcoin buying pressure could push prices towards the mid or upper end of the channel and reach values of $28,000 or $31,000.”
However, the expert warns of the need to observe the “TD Risk Line of $24,500”, which is identified as a crucial point for such a prediction.
Currently, the value of Bitcoin is US$27,114, indicating an increase in value of 1.04% in the last 24 hours. Looking at a longer time frame, it is possible to notice an increase of 4.33% in the last seven days and an increase of 4.78% compared to last month.
What caught investors’ attention was Bitcoin’s ability to cross the psychological barrier of $27,000. This fact indicates that new highs could be on the horizon for the cryptocurrency as long as the indicators maintain the optimistic trend, generating even more interest and confidence from investors in the global market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.