Going sideways below the $28K mark puts a jam on the Bitcoin October express rally. With bullish anticipations from Bitcoin price prediction of crossing the $30K mark, the first week for BTC price turns out to be Dickensian. Following the almost 4% on 1st October, the prices take a lateral move due to the overhead supply at the $28K level.
Nevertheless, Bitcoin avoids any serious correction despite the setback and maintains a positive outlook for the first week.
With the bullish reversal sustaining in the upper range of $27K, the possibility of a bullish reversal increases. Therefore, the BTC price may soon continue the positive trend to reclaim higher levels.
In the 4-hour Bitcoin chart it forms a triangle pattern with a multi-contact support trendline supporting the uptrend possibility. Moreover, the 50-day EMA also adds extra cushion to limit the range of negative cycles.
With such bullish actions in play, the probability of an upside breakout to fuel market-wide recovery is higher.
Currently, the BTC price trades at $27,881 with an intraday move of -0.19%, reflecting the lack of momentum in the uptrend. Additionally, sentiment is extremely high, with the SEC’s decision on a Bitcoin spot ETF drawing near.
Technical indicators:
DMI: With trend momentum rising on the daily chart, the triangle pattern limits the trend movement in a shorter timeframe. However, the DI lines remain positive on the bigger timeframe and reflect a recovery in action.
EMA: The BTC price jump helps avoid a death cross in the daily chart and adds a bullish gap within the 50 and 200-day EMAs.
With October being positive for Bitcoin most of the time, the chances of BTC price skyrocketing are palpable. However, the positive trend is expected to take breaks at certain points to refuel the bullish rally.
The triangle breakout will signal an uptrend continuation and help Bitcoin reach the $30K mark by the end of this week.
Conversely, a reversal to $26,274 can plunge the BTC price to $25,600 or $24,900 in a worst-case situation.
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