Bitcoin (BTCUSD) Price Trades Firmly above the Supply Mark

Bitcoin (BTCUSD) Price Forecast: October 2

The BTCUSD market price today trades firmly above the supply mark, facing high demand from the bulls. The coin is at the edge of a strong bullish breakout and continuation, providing a good buying opportunity at $117,500. Hence, the crypto price may rise further to a high trend line of $125k if the bulls’ pressure breaks through the peak resistance level of $123,740, which would represent a turnaround for coin holders.

Key Levels:
Resistance Levels:  $116.000 $117,000.00, $118,000.00
Support Levels:     $98,000.00, $97,000.00, $96,000.00

BTC (USD) Long-term Trend: Bullish (Daily Chart)

The Bitcoin market is at it again, rising firmly and remains bullish above the supply trend levels in its higher time frames.
In the meantime, the bullishness in its recent high has been aided by the bulls’ strong order flow at the $114,490 high value in the last few days.

Today, the BTCUSD pair appears tradeable for buyers, correcting at the $117,500 high value above the EMA-50 on the daily chart, encouraging buyers to invest, as potential future gains are possible.

Therefore, as it undergoes a spectacular ascent, a potential breakout from the present retracement would quicken the buying momentum and force prices to reach the prior barrier of $123,740 as it journeys north.

Additionally, the Bitcoin market may continue its bullish run as it remains in an uptrend on the daily signal.

As a result, gains and strength from the coin may push the token price to the $125k upper resistance level in the coming days as it trades firmly above the supply trend lines in the long run.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

Over the past 24 hours, BTCUSD prices have experienced a notable surge, leading to a broader market rally in the medium-term.
The price is trading in a bullish momentum above the EMA line, indicating a bullish momentum. This looks nice for buy trader and signifies a buy signal.

The cryptocurrency price remains firm above the resistance levels at its recent high due to an increasing order flow by coin investors.

The Bitcoin market appears to be well today as it breaks over the moving average at $117,500, a high mark amidst a surge in network activity.

With an optimistic market sentiment, the cryptocurrency has the potential to rise further and retest the $120,000 barrier as it continues its bullish corrective, providing vigorous resistance to the crypto price.

However, if buy traders increase their price actions and all of the current support levels hold, there is a chance that the price of BTCUSD will rise even more.

Thus, a psychological key level at the $125k supply might be reached shortly.

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