Although the market saw profit booking in the last 24 hours, the crypto price increase held on to its momentum, with most crypto tokens trading higher.
The crypto market continued its bullish run, as Bitcoin showed signs of consolidation above $27000. The token slowed down in the last 24 hours, going below $28000, but the overall crypto price increase carried on. The next few days could be crucial as BTC sees bears and bulls fight it out. The crypto market cap has increased steadily in the last few days.
Bulls could try to hold BTC above its 20-day moving average and further pull it towards $30000. Earlier in 2023, Bitcoin stayed for a long time above $30000 but couldn’t see a further rally from there. If it breaks that resistance this year, the entire crypto market may see a broad surge.
Public equity markets also started the month on a positive note. The US dollar index also witnessed higher returns, reaching an all-time high in several months.
The crypto market may also benefit from the US government avoiding a shutdown. The panic around the event had sent markets downhill at the end of September. The next target for Bitcoin in the short term could be to hit $28500.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27600 on October 3, 2023, with BTC/USD trading lower by 1.9% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,519.97), as BTC’s 24-hour volume was at around $18 billion. Bitcoin has seen around 66.58% returns on a year-to-date basis.