Originally published on: September 27, 2024
Bitcoin Breaks $66K Resistance
Bitcoin has surged above $66,000 on September 27, marking the beginning of a bullish trajectory towards the $70,000 milestone. The breakout over $65,000 on the previous day stimulated buying activity in US-based spot Bitcoin exchange-traded funds, with a notable inflow of $365.7 million reported by Farside Investors.
Altcoins Follow Bitcoin’s Lead
The positive sentiment in the cryptocurrency market is not exclusive to Bitcoin. Several altcoins have also witnessed significant gains, indicating an overall optimistic outlook in the crypto space. According to Markus Thielen, head of research at 10x Research, a strong Q4 rally is highly probable, with potential gains likely to be front-loaded.
Bitcoin Technical Analysis
Bitcoin demonstrated a bullish outside-day candlestick pattern on September 26, breaking above the crucial $65,000 resistance level. Sustaining above $65,000 could pave the way for a further uptrend towards the $70,000 to $73,777 range. However, a drop below $61,200 might indicate weakening bullish momentum.
Ethereum Shows Strength
Ethereum faced resistance on September 23 but found support at key moving averages, hinting at buying interest on dips. If Ethereum maintains its price above the resistance line, the ETH/USDT pair could see a symmetrical triangle breakout target of $3,409.
Analyzing Top Altcoins:
– BNB: With bulls defending the 20-day EMA, BNB aims for $635 resistance.
– SOL: Solana inches closer to $164 resistance, eyeing $210 level.
– XRP: XRP hovers near $0.60 resistance, potential rally towards $0.74.
– DOGE: Dogecoin targets $0.14, bears may push price back to $0.09 support.
– TON: A breakout could propel TON to $7 and potentially $8.29 resistance levels.
– ADA: ADA breaks $0.40 resistance, looks to challenge $0.45 with a target of $0.49.
– AVAX: AVAX targets $33 after a breakout above $29, potential rally to $42.
– SHIB: SHIB crosses critical resistance levels, setting eyes on $0.000029 with support at $0.000018.
Remember, cryptocurrency investments carry risks, and readers should conduct thorough research before making financial decisions. Stay informed and follow the market trends to make informed choices in the volatile crypto landscape.
