Bitcoin is holding $26,000 and confident traders are beginning to take on a bit of risk by buying altcoins. Is the market reversing its trend?
Bitcoin is attempting to trade above $27,000 which is a positive sign. In the past few days, Bitcoin’s price held up above $26,000 in adverse conditions when the United States dollar index was rising sharply and the S&P 500 index was plunging. This suggests that selling dries up at lower levels.delay the spot Bitcoin exchange-traded fund
ahead of schedule also did not dent prices. This indicates that the market participants are taking a longer-term view on Bitcoin. Bloomberg ETF analyst James Seyffart believes that an early decision was taken by the regulator as there is a risk of a U.S. government shutdown on Oct. 1.Bitcoin’s resilience over the past few days seems to have boosted trader’s sentiment. That helped start a recovery in most major altcoins, which are trying to climb above their respective resistance levels.
Could Bitcoin extend its up-move in the near term and will that start a revival in the crypto space? Let’s study the charts of the top 10 cryptocurrencies to find out.After struggling for several days, the bulls finally propelled Bitcoin above the moving averages on Sep. 28. The bulls are currently trying to thwart attempts by the bears to yank the price back below the 20-day exponential moving average .
The BTC/USDT pair could then rally to the overhead resistance at $28,143. This level is again likely to witness a tough battle between the bulls and the bears. On the downside, the $26,000 level is an important level to watch out for. If this level gives way, the advantage will tilt in favor of the bears. The pair may then nosedive to the formidable support at $24,800.
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