Bitcoin prices jumped 2.20% in the past day, hitting a high of $59,976 today. In addition, the star cryptocurrency's trading volume reached $30.856 billion amid the intensifying upward momentum.
As such, people are curious about the recent surge in Bitcoin prices, with some reports speculating that increased whale/institutional activity and the upcoming Federal Open Market Committee (FOMC) meeting are the main reasons.
As FOMO (Fear of Missing Out) continues to rise in the crypto market, our dedicated analysts have written a detailed article revealing market sentiment, price analysis, and the short-term price trend of the largest cryptocurrency by market cap.
Bitcoin price tests the $60,000 mark again!
TradingView: BTC/USDT
After a brief negative dip, Bitcoin price has gained more than 10% in the past seven days. This has allowed the market leader to break through the important 58K resistance level and move towards its key psychological mark of $60,000.
Bitcoin Price Analysis September 2024 TradingView: BTC/USDT In the late Asian trading session, the Bitcoin price rose from $57,662 to $59,605, an increase of 3.38%. Moreover, with the recent bullish action, it successfully tested the important resistance/support zone near $58,000 again.
The Moving Average Convergence Divergence (MACD) recorded a rising green histogram on its 1-day timeframe with a bullish convergence. This highlights the increase in bullish action for the token in the crypto market.
Furthermore, the 50/200-day exponential moving averages (EMA) have begun to stabilize, recording a neutral price trend. However, the 50-day EMA is showing a potential bullish reversal, suggesting a positive outlook for the market going forward.
Will Bitcoin reach $100,000 this year?
If the market continues to gain momentum, BTC price will retest its $60,178 resistance level. Sustaining at this price level will set the stage for Bitcoin to move towards its overhead resistance at $66,726 in the coming weeks.
On the other hand, if a trend reversal occurs, it will retest the $58,000 support trendline. Failure to hold the price at this level could cause Bitcoin to fall to its lower support at $55,000 this month.
