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Bitcoin Bulls Breach More Resistance Levels as Bitcoin Underlying Strength Grows – October 06
BTC/USD has rallied above the $50,000 psychological price level as Bitcoin Underlying Strength Grows. Today, BTC’s price has risen to a high of $51,922 as the crypto reached bullish exhaustion. The crypto is now trading in the overbought region of the market. The possibility of a further upward move is doubtful as Bitcoin struggles below the $52,000.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
On October 1, Bitcoin bulls rebounded above the $44,000 support as price broke above the $48,800 resistance level. The bullish momentum extended to the high of $51,922. Buyers could not sustain the bullish momentum above the $52,000 high. Today, buyers are attempting to push Bitcoin above the $52,000 high. On September 7, buyers push BTC’s price to the high of $52,888 but were repelled. The market declined to the low of $43,000. After a downward correction for over a week, the crypto was repelled at the high of $47,000 as Bitcoin slumped to $41,000 low. Today, the upward move is doubtful as the price indicators show the overbought condition of the crypto. For instance, RSI is at level 64 which suggests that Bitcoin has not enough room to rally on the upside.
Institutional Investors Back Bitcoin after Weeks of Altcoin Accumulation
Institutional investors has shifted attention away from altcoins to back Bitcoin. In the second week in a row, BTC investment products are leading the inflows for digital asset products. The CoinShares’ latest “Digital Asset Fund Flows Weekly” report indicated that BTC investment products generated $68.7 million worth of inflows between Sept. 27 and October 1. According to the report, the sum of inflows for digital investment products was $90 million for the week, as institutional investors continue to increase exposure to digital assets.
Meanwhile, Bitcoin is facing resistance at the high of $51,922 as Bitcoin underlying strength grows. The market has reached the overbought region as buying power dries up. BTC’s price has continued to fluctuate below the $52,000 resistance. If buyers break above the recent high, BTC price will rise but will reverse at $52,366 high.
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