Bitcoin has shown remarkable resilience in the market, successfully reclaiming all major moving averages. This development signals a strong bullish momentum, attracting the attention of traders and investors alike. The report highlights positive developments indicating that the cryptocurrency is poised for further growth.
Current Moving Averages
Currently, the 7-day Simple Moving Average (SMA) stands at $117,800, while the 200-day Exponential Moving Average (EMA) is positioned at $105,511. Both of these levels are now considered significant support, providing a solid foundation for potential upward movement.
Technical Indicators Support Bullish Outlook
Technical indicators further support this bullish outlook. The MACD histogram and Relative Strength Index (RSI) suggest that while momentum is strong, the market is not yet in an overbought condition. This indicates that there may still be room for growth.
Traders Eye Resistance Zone
Traders are now setting their sights on the $128,000 resistance zone, with optimism that if the current momentum continues, the next Fibonacci extension target could be reached around $139,000 by mid-October.
