Bitcoin Price Update: Bulls Maintain Control Above $28,000 – October 3, 2023

Bitcoin (BTC/USD) continues to witness strong positive momentum during the early hours of the Asian session, marking its highest point since mid-August, with prices surging to approximately $28,415.49. The recent rally triggered the activation of stop orders at various key levels, including $27,432, $27,567, $27,620, $27,806, $27,941, $28,029, $28,234, and $28,404. As the market remains bullish, traders are now eyeing further upside targets at $28,769, $29,151, and $29,964.

While the upward trend persists, it’s essential to identify potential resistance zones that could lead to profit-taking and selling pressure. These levels include $28,614, $28,769, $28,934, $29,228, $29,665, $29,964, $30,053, and $30,222, with stop orders likely placed above $30,178 and $31,862.

Bitcoin Price Update: Bulls Maintain Control Above $28,000 - October 3, 2023

In the event of a correction, critical support levels and potential buying zones are at $27,649, $27,538, $27,241, $27,124, $26,944, $26,699, $26,577, $26,522, $26,274, $25,749, and $25,670. Further below, stop orders might accumulate at downside targets like $24,155, $23,270, $23,204, $23,164, $22,949, $22,028, $21,496, $21,242, and $20,702.

Technical analysts are closely monitoring three significant levels: $29,514, $23,438, and $20,195, which correspond to historical selling pressure levels at $69,000, $59,249, and $52,100, respectively. Traders have noticed bullish indications in the 4-hourly chart, with the 50-bar Moving Average (MA) positioned above the 100-bar MA and the 200-bar MA. Similarly, in the hourly chart, the 50-bar MA is also above the 100-bar MA and the 200-bar MA, suggesting a bullish sentiment.

As of now, Bitcoin‘s price is closest to the 4-hourly 50-bar MA, which stands at $26,763.17, and the hourly 50-bar MA at $27,433.29.

Technical support is expected around $24,440.41, $23,270.10, and $22,769.39, with stop orders likely placed below these levels. On the flip side, technical resistance is anticipated around $31,986.16, $32,989.19, and $34,658.69, with stop orders expected above these levels.

In summary, Bitcoin is currently experiencing a strong bullish trend, with significant support and resistance levels to watch. Traders are advised to stay vigilant and adjust their strategies as the market evolves.

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