Originally published on: September 27, 2024
Bitcoin reached above $66,000 on September 27, signaling a strong upward momentum towards $70,000. The surge in Bitcoin also led to increased buying activity in US-based spot Bitcoin exchange-traded funds, with significant inflows recorded.
It’s not just Bitcoin that’s on the rise – select altcoins have also seen sharp increases from recent lows, indicating a positive sentiment across the cryptocurrency sector. Market experts predict a high likelihood of a Q4 rally, with gains potentially front-loaded.
Bitcoin’s impressive 12% gain in September surpasses previous records and bodes well for a strong performance in the fourth quarter, similar to historical trends in 2015, 2016, and 2023.
Analyzing the charts of the top 10 cryptocurrencies, Bitcoin formed a bullish pattern above key resistance levels, suggesting a continued upward trend. Ethereum, Binance Coin, Solana, XRP, Dogecoin, TON, Cardano, Avalanche, and Shiba Inu are also showing promising signs.
Ethereum has found support at moving averages, while Binance Coin is maintaining bullish momentum despite resistance levels. Solana is showing strong demand from buyers, and XRP is poised for an upside breakout. Dogecoin is on track for a rally towards resistance levels, while TON has seen a range expansion to the upside.
Cardano broke above key resistance levels, signaling a potential double bottom pattern, while Avalanche is set for a rise to key resistance levels. Shiba Inu gained momentum, breaking above crucial resistance levels.
With positive market sentiment and technical indicators aligning, the top cryptocurrencies are gearing up for further gains in the coming days. Keep a close eye on potential breakout levels and key support zones to make informed trading decisions in this dynamic market.
