Bitcoin (BTC) Aims to Reclaim $87,000..."Not a Trend Reversal, But a Buying Opportunity"

▲ Bitcoin (BTC)/AI Generated Image

Bitcoin (BTC) has entered a consolidation phase for further gains, overcoming controversies about peak signals. After touching its previous high of $87,400, it slightly retreated to the $84,900 level, but analysis suggests that moving averages and general auxiliary indicators support a solid upward trend.

According to U.Today, a virtual asset specialized media outlet, on September 28 (local time), Bitcoin is currently trading around $84,900 after hitting a high of $87,400 last week. Bitcoin, which surged more than threefold from its low of $58,000 in early June, broke through the $72,000 resistance level in mid-August and has since continued a strong upward rally. Contrary to some market concerns about passing a peak, the prevailing diagnosis is that this is a healthy price adjustment phase following a sharp rise.

The arrangement of moving averages also demonstrates that a major upward trend is maturing. The 200-day moving average (approximately $74,000), which had been declining for several months, has started to turn upward after a flattening process. The 50-day moving average (approximately $77,000) and the 100-day moving average (approximately $75,000) are also showing steep upward slopes, firmly supporting the current price level from below.

Technical buying sentiment also indicated a stable state of overheating suppression. The Relative Strength Index (RSI) remained in the mid-to-high 60s, reflecting a steady inflow of buying without entering the overbought zone. Analysis suggests that the recent retreat from the high is largely a consolidation, alleviating fatigue from the short-term surge.

Support lines for price defense have also been clearly identified. The primary support line is established at the $80,000 to $81,000 level, which was the previous breakout zone. The $76,000 to $77,000 range, one level below, acts as a structural floor supporting the long-term trend. Experts predict that as long as the price remains above the early $80,000s, the path of least resistance is upward, and Bitcoin will surpass the $87,000 to $88,000 resistance level to set new highs.

After absorbing short-term profit-taking, Bitcoin is once again increasing upward pressure based on the support from key moving averages. Market attention is now focused on whether Bitcoin, having established the $80,000 defense line, can break through the $88,000 resistance and resume its all-time high rally.

[Key Article Summary]

-Bitcoin (BTC) retreated from a high of $87,400 to $84,900 but was evaluated as a healthy correction.

-The 200-day moving average, which turned upward, and an RSI in the mid-to-high 60s supported a robust upward trend.

-With the $80,000-$81,000 support line holding, a new high is anticipated by breaking through the $87,000-$88,000 resistance.

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