Bitcoin Sustains Recent Rallies as It Resumes Upside Momentum- September 30
As of September 30, BTC/USD is struggling below the $45,000 resistance zone as it resumes upside momentum. However, from the price indicators, buyers are expected to push BTC price above the $45,000 resistance. When the resistance is breached, the next resistance will be the $48,800 high.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
On September 30, BTC price has begun the resumption of upside momentum. This has been made possible as price breaks above the moving average. As of September 30, the BTC price has risen to the high of $43,927. During the rally, the market reached the overbought region. Sellers push prices down but Bitcoin has retraced above the support of moving averages.
The price action propelled Bitcoin to rebound above the $43,000 support. The current bullish momentum is expected to breach the $45,000 and $48,800 price levels. If buyers are successful, the market will rally to $52,750 high. Conversely, if the crypto faces rejection from the recent high, the market will decline. Bitcoin is above the 80% range of the daily stochastic. This indicates that the market has reached the overbought region.
Rosa Rios is the former US Treasurer who joined Ripple’s board of directors in May. The former U.S. Treasurer and Ripple board member has voiced support for XRP while knocking Bitcoin for being a supposed speculative tool. Rios argued that China was cracking down on cryptocurrencies like Bitcoin that was alleged to provide nothing more than a tool for speculation. She indicated thus: “XRP’s primary purpose is facilitating cross-border payments while other cryptos find their value in speculation. China’s latest move brings this point home.”
Meanwhile, Bitcoin has rebounded as it resumes upside momentum. This is a clear indication of a possible rise of the coin. However, the bullish momentum has run into an overbought region. Nevertheless, in a strong trending market, the overbought condition may not hold as Bitcoin continues its bullish run.
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