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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis for September 28: BTC Rose Above $66,000, Indicating That the Northward March Toward $70,000 Has Started
Sep 28, 2024 at 05:01 am
Bitcoin (BTC) price analysis for September 28, 2023: BTC rose above $66,000, indicating that the northward march toward $70,000 has started
Bitcoin price rose above $66,000 on Sept. 27, indicating that the northward march toward $70,000 has started. The breakout above $65,000 on Sept. 26 boosted buying in the United States-based spot Bitcoin exchange-traded funds, which saw inflows of $365.7 million, according to Farside Investors data.
The rally is not limited to Bitcoin alone, as select altcoins have also risen sharply from their recent lows. This shows that the sentiment in the cryptocurrency sector has turned positive.
“The likelihood of a Q4 rally is exceptionally high, with gains likely front-loaded,” 10x Research head of research Markus Thielen said in a Sept. 27 report viewed by Cointelegraph.
Crypto market data daily view. Source: Coin360
Bitcoin’s 12% gain in September easily surpasses the previous best performance of 6.04% in 2016. This is a bullish sign, as whenever Bitcoin has risen in September, it has performed exceptionally well in the fourth quarter, as seen in 2015, 2016, and 2023.
Could Bitcoin hang on to its gains in September, boosting further buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin formed an outside-day candlestick pattern on Sept. 26 and rose above the $65,000 resistance, indicating that the bulls have overpowered the bears.
BTC/USDT daily chart. Source: TradingView
If the price maintains above $65,000, it will signal that the bulls have flipped the level into support. That could propel the price to the $70,000 to $73,777 zone, where the bulls are likely to face intense selling pressure.
A break and close below $65,000 will suggest that the bullish momentum is weakening. The advantage will tilt in favor of the bears if they pull the pair below $61,200. Such a move will suggest that the break above $65,000 may have been a bull trap.
Ether price analysis
Ether turned down from the resistance line on Sept. 23 but found support at the moving averages, indicating buying on dips.
ETH/USDT daily chart. Source: TradingView
The upsloping 20-day exponential moving average ($2,529) and the relative strength index (RSI) in the positive territory indicate advantage to buyers. If bulls push and maintain the price above the resistance line, the ETH/USDT pair will complete a symmetrical triangle breakout. This setup has a pattern target of $3,409.
Sellers are likely to have other plans. They will try to fiercely defend the zone between the resistance line and $2,850. If the price turns down sharply from the overhead zone and breaks below the moving averages, it will suggest a range-bound action between $2,111 and $2,850 for a while.
BNB price analysis
BNB turned down from $616 on Sept. 23, but the bears could not sink the price below the 20-day EMA ($570).
BNB/USDT daily chart. Source: TradingView
This suggests that the bulls are buying the minor dips. The bulls will make one more attempt to push the price to $635, which may prove to be a formidable hurdle to cross. If the price turns down sharply from $635 and breaks below the moving averages, it will signal that the BNB/USDT pair may extend its stay inside the range.
Contrarily, if buyers do not give up much ground from $635, it will improve the prospects of a breakout. The pair could then rally to $722.
Solana price analysis
Solana has been gradually moving higher toward the overhead resistance of $164, indicating solid demand from the bulls.
SOL/USDT daily chart. Source: TradingView
Sellers had stalled the two previous recovery attempts at $164 hence they will try to do the same again. If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA ($144), it will signal that the SOL/USDT pair may remain inside the lower half of the large $116 to $210 range.
Alternatively, a break and close above $164 will suggest that the pair could move to $190 and after that to the resistance of the range at $210.
XRP price analysis
The bulls have failed to push XRP above the $0.60 resistance, but a positive sign is that they have not allowed the price
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