Bitcoin Price Analysis — September 27

Bitcoin Price Analysis — September 27

Bitcoin (BTC) has done little in the past few weeks to provide investors with any clear pattern on what its near-term trend might be.

The cryptocurrency has been trading within a wide range between $10,150 and $11,200, with both areas being heavily laden with buying/selling pressure.

The global cryptocurrency market’s near-term bias continues to be shrouded by uncertainty, as everyone is on edge to see what BTC does next. This has caused altcoins to trade with a depressed bias as well.

Meanwhile, an analyst has cited Bitcoin’s ability to stay above the crucial 21-week EMA as a very bullish sign. He added that this could be a strong indication that BTC might never close below $10,000 and will soon embark on a major ascent.

Nonetheless, how the global cryptocurrency market will perform in the coming days and weeks will be largely dependent on Bitcoin’s price action.

BTC/USD – 4-Hour Chart

Key BTC Levels to Watch 

At press time, BTC is holding steady around $10,700 despite increased activities by bears. The cryptocurrency has now traded around this level for several weeks. 

Earlier last week bears forced Bitcoin to drop to the $10,200 support where it found some serious dip-buying, which helped it climb higher. 

Meanwhile, the $10,800 resistance mark remains the key hurdle for the benchmark cryptocurrency to scale. A break above that level could strongly propel the digital asset to the $11,200 range once again.

Also, it appears that BTC has broken, even though modestly, above the prevailing descending trendline on our 4-hour chart. This is a healthy corroboration of the proposed bullish momentum brewing in the background. 

As mentioned earlier, the $10,800 pivot point remains the key level to break for Bitcoin in the meantime. It would be interesting to see what happens next.

Total market capital: $344 billion

Bitcoin market capital: $198 billion

Bitcoin dominance: 57.5%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.