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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 20, 2023 06:20 UTC
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BTC Price Analysis: Rising Amid Bearish Specs, Bitcoin Eyes $35K!
Bitcoin price continues to skyrocket amid the global market decline.
The price jump reclaims the $29K mark at 3.12% within two sessions.
An uptrend continuation in Bitcoin eyes the $35K mark upon the $30K breakout.
Staying on the bullish fast tracks amidst the declining US stock market, Bitcoin skyrockets this Thursday to enter a high-speed rally and cross $30K. The BTC price ignores the 10-year U.S. Treasury yield, taking a 6 basis point jump to reach 4.97%, almost reaching 5%.
Such high interest rates for the 10-year Treasury yield drive the stock market into the bear zone, but Bitcoin (BTC) and altcoins continue the surprise rally. With such rising momentum, the Bitcoin price prediction highlights a possibility of reaching the $35K mark.
Rising higher with the trendline breakout, the BTC price makes a bullish comeback and sustains momentum with improving sentiments. Taking a 9% in the last five days, Bitcoin jumped from $26,800 to $29,240 and continues to aim higher.
With the possibility of rate hikes remaining unchanged next month, Bitcoin prices warm up to enter the halving event bull run. With a retest jump from $28K, the BTC trend action shows two bullish engulfing candles continuing the utprend.
Further, the BTC price displays a rounding bottom reversal that may shortly reach the neckline of $30,000. Currently, the BTC prices trade at $29,242 with an intraday jump of 1.77%.
Technical indicators:
RSI: The RSI line spikes higher with the improving bullish sentiments and approaches the overbought boundary, teasing trend continuation.
EMA: The 50-day and 200-day EMA maintain a bullish alignment, and the sudden reversal in price brings an uptick in the 50-day EMA.
Where is the Bitcoin (BTC) Price Heading?
Investors accumulating Bitcoin at a time when the stock market is taking a bearish hit reflects the market confidence in Bitcoin. Considering the uptrend exceeds the $30,000 mark, $35,000 is the next milestone for the BTC price.
Moreover, with the higher sentiments this ‘Uptober,’ a sentiment fuel rally can cross multiple resistance levels.
On the flip side, despite minimal reversal chances, a pullback is possible if the sellers remain dominant at $30,000. In such a case, the price trend might again test the $28,000 mark.
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