Tokens rallied for yet another day in the market as crypto resistance levels broke with the rising bullish sentiments among traders and investors.
Crypto resistance levels have taken a beating with the recent surge in the market. Bitcoin saw its overall capitalization rise beyond $550 billion in the run. Meanwhile, bears have been active at the $28000 mark for BTC. The psychological resistance could soon be broken if it holds its current range over the weekend.
Crypto bulls have been active in the week, helping BTC hold its support. Meanwhile, ETH is also rigid above $1600, with an overall capitalization of $207 billion. Solana, Dogecoin, and Cardano also saw gains in the last 24 hours.
Traders could be focusing on the 100-day moving average of Bitcoin at $27900. If this mark is broken, crypto bulls can take the token forward towards $28500. It is essential for BTC to hold to $27200 over the weekend to get a jumpstart in the upcoming week.
The delay in the spot Bitcoin ETFs could have sparked a slowing down in traders’ sentiments. Though the month started with big returns, BTC has relatively slowed down since. Crypto investment products and other institutional investors might be helping drive the present rally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27630 on October 6, 2023, with BTC/USD trading lower by 0.1% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,758.19), as BTC’s 24-hour volume was at around $11 billion. Bitcoin has seen around 65.85% returns on a year-to-date basis.