Bitcoin witnessed a sharp rise with overall gains in several crypto tokens in the market, as crypto trends turned bullish worldwide for several factors.
The crypto market’s outlook at the end of the month looks bright, with a surging Bitcoin. Long-term investors seem bullish on crypto, as BTC hit $27000 in the last 24 hours. It has currently settled around the level but could consolidate above it in the upcoming week. Improving global crypto trends helped the market recover broadly.
Bitcoin will end the month with over 4% gains, reaching a weekly high with its surge. Public equity markets also saw a rise in prices in the last 24 hours, which could have benefitted crypto. Traders have increasingly started withdrawing their crypto holdings from exchanges, which could indicate a rise in long-term investors.
Macro headwinds could continue to impact the markets as seen in the past. Meanwhile, Bitcoin is trading above its 20-day moving average, with strong momentum for a rally. Its next resistance could form at the range around its 50-day moving average. If it holds its present trading range over the weekend, the crypto market may rise further next week.
Several crypto tokens also broke ahead of their previous trading range. It helped BTC in raising the overall crypto market cap.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27000 on September 29, 2023, with BTC/USD trading higher by 2.3% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,231.00), as BTC’s 24-hour volume was at around $12 billion. Bitcoin has seen around 59.32% returns on a year-to-date basis.