Bitcoin and other tokens gradually rose, leading to improving crypto prices even though the US dollar and other economic factors remained uncertain.
Despite increasing selling activity by bears at higher levels, Bitcoin saw its support levels rising steadily. The crypto market also witnessed rising price levels in other crypto tokens. Ethereum traded above $1600 in a consolidated manner, while others had positive weekly returns.
A couple of factors may have worked in Bitcoin’s favor. Crypto miners increased the token’s production in September, which may have led to positive sentiments. Meanwhile, the volatile US dollar failed to impact Bitcoin negatively. The easing of US bond yields could also stabilize markets worldwide, helping crypto.
Amidst the noises and diverse opinions from all quarters, the crypto market has seen firm support levels. The key event would be Bitcoin holding on to $27000 to continue the bullish sentiments in the market.
A few prominent crypto analysts also reported on trends to move back to BTC from the Ether futures ETF. A report from K33 research said, “The gravitational pull in crypto for the time being stays in BTC, with a promising event horizon down the line, still favoring aggressive accumulation.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $27600 on October 5, 2023, with BTC/USD trading higher by 0.6% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,689.19), as BTC’s 24-hour volume was at around $10 billion. Bitcoin has seen around 66.88% returns on a year-to-date basis.