On September 28, the trading price of Bitcoin (BTC) recorded a significant push. The report shows that the trading price of Bitcoin bounced off from the strong support mark.
As of now, the strong support level for Bitcoin is $18,626 and the bulls managing to push BTC over the particular mark was a sign of strong bullish sentiments.
Bitcoin is witnessing a Bullish Trend
The bulls pushing Bitcoin over the strong support level go to show that the bulls are still favoring the bullish run. They may continue defending the particular level with strong buying sentiments.
Therefore, it would be a hard and difficult situation for the bears to pull Bitcoin below a particular level.
The recent price movement of Bitcoin has managed to form a long tail on the candlestick pattern. This means that the bulls have been buying any dips that have been formed by the bears.
If the bulls continue with their intraday purchases, then the price of Bitcoin would continue moving upwards.
Bears Reacted on September 30
On September 30, the trading price of Bitcoin successfully rose to over $19,602, which is the 20-day EMA. As the price of Bitcoin rose over the 20-day EMA, the bulls started to feel the pressure from the bears.
The bears started to sell BTC on a much larger scale than the buying power of the bulls. This meant that the bears were selling BTC as it would reach $19,602, strongly defending the particular mark.
As the price of Bitcoin came close to hitting the 50-day SMA (20,621), the bears increased their selling power. As the bears increased their selling pressure, the trading price of BTC started moving in a negative direction.
Current Situation of Bitcoin
As the price has continued falling, it has come close to hitting the 20-day EMA. This means that if the bears continue selling Bitcoin aggressively, Bitcoin’s price may fall below the 20-day EMA.
If the bears continue with their strong selling spree, then BTC’s price may fall to a low of $18,626. Going forward, BTC’s price may fall to a low of $17,622, which is a strong support level.
Bullish Movement of BTC Followed by MicroStrategy’s Support
When it comes to the bullish run, Bitcoin may find strong support from MicroStrategy. The business intelligence firm is aiming to launch infrastructure for the Lightning Network to make Bitcoin faster and more scalable.
This would add a positive factor to Bitcoin, helping its price to move over the 50-day SMA. As the momentum keeps growing higher, then more investors would continue joining the trend.
Then the trading price of BTC would grow up to a high of $22,799.