BTC Price Steadies The Uptrend As Bulls Gain Ground Above $27k

BTC Price Steadies The Uptrend As Bulls Gain Ground Above $27k

BTC price stability is getting stronger by the day, reinforced by the willingness of traders and investors to HODL while avoiding short-term speculations. The most prominent crypto is up 1.7% on Monday to $27,100 as bulls capitalize on improving market sentiment.

The move above $27,000 comes barely a week since the release of the United States inflation results for August. As reported, The Consumer Price Index (CPI) revealed that inflation is still an issue in the US and could be worsening with the global increase in oil prices.

Intriguingly, Bitcoin’s live price and the crypto market barely reacted to the inflation news which is likely to culminate in another rate hike on Tuesday, September 19.

Assessing The BTC Price Bearish Price Fractal

Bitcoin has since the bull run in 2021 that ended with the coin almost hitting $70,000 been forming both bullish and bearish fractals. Traders identify bearish fractals as the price moves up forming an upside-down “U-shape,” – moving up and then down.

According to crypto analysts and trader Rekt Capital, BTC price is currently going through another bearish fractal. In other words, after breaking resistance at $27,000 it may retest the next hurdle at $27,200 before tumbling to lows around $23,312.

“This level acted as support earlier this year and could turn into new resistance this month unless $BTC reclaims it with a Monthly Close above black,” Rekt Capital said via a post on X.

BTC price
BTC/USD monthly chart | Tradingview

Based on the outlook of the four-hour chart, the path with the least resistance is to the upside and BTC price seems poised to tackle the stronger resistance at $28,000 as investors expand their bullish scope beyond $30,000.

A buy signal from the Moving Average Convergence Divergence (MACD) suggests that the odds are tipping the scales in favor of the bulls. The call to traders to seek more exposure to BTC longs follows the blue MACD line crossing above the red signal line.

btc price chart
BTC/USD four-hour chart | Tradingview

Bitcoin is bound to assume a long-term sustainable technical outlook if the momentum indicator keeps climbing persistently.

The position of the short-term moving averages, starting with the 50 Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple) below Bitcoin shows that the time is prime for a rally.

The SuperTrend indicator presents another buy signal that may help to uphold the new uptrend. Like the moving averages, this index overlays the chart but goes further to incorporate readings from the average true range (ATR) to gauge volatility. BTC price flips bullish with the SuperTrend proving support.

Bitcoin’s live price is still the better performer compared to Ethereum, although experts say that the latter might outperform BTC in October if the SEC approves the first futures-based ETH exchange-traded fund (ETF).

ETH price/BTC price
ETH vs. BTC price chart | Coingape

That said, BTC price is not out of the woods until it has confirmed support at $27,100. Otherwise, the bearish fractal on the monthly chart might play out leading to a sell-off below $25,000 support to $23,312.

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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