The beginning of the week saw Bitcoin firming up around the $28000 mark as signals for a crypto market bull run grew louder with the present conditions.
In the last three days, Bitcoin has been range-bound while it hovered around the $28000 mark. The optimism has spiked for a crypto market bull run, but long-term investors would have to chip in. The psychological resistance for BTC is proving to be rigid, and strong support from bulls would help.
Bitcoin is trading way above its 20-day moving average, which is a good sign. But its trading range is similar to that of its 100-day moving average. It needs to move ahead for consolidation and stay at higher levels.
Most analysts are heavily bullish, with forecasts for BTC at $30000. Bitcoin can easily cross the mark since it has stayed above it for days in 2023. A positive trigger or other macroeconomic improvements can help it rally. Market volatility has also been low for a few days, but it could soon change.
With the lower market volatility, most tokens are stagnant while holding onto their market caps. Inflation data from the United States could be the next event for high volatility in the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27900 on October 9, 2023, with BTC/USD trading lower by 0.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,924.84), as BTC’s 24-hour volume was at around $ 7 billion. Bitcoin has seen around 68.46% returns on a year-to-date basis.