Bitcoin Price Breaks $27,000 After Spiking 3% - 3 Reasons We Might Have a Bullish October
Bitcoin (BTC) has bounced-back +3.96% following reclamation of 20DMA support, and with price action turning bullish - here are 3 reasons why Bitcoin will see a strong performance in October.
This comes amid increased anticipation in Bitcoin markets, as the Securities and Exchange Commission (SEC) are facing mounting pressure to approve a BTC spot ETF - a move which many believe could catalyze the next bull run pre-halving.
Yet, the SEC seem intent on kicking the decision off into the long grass - with the regulator announcing in separate September 28 filings further delays for the spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie.
Prominent figures in the crypto community such as Daan de Rover have highlighted that fundamental headwinds are pushing towards approval for a BTC spot ETF before January 10.
As price action battles to consolidate here - fighting for $27,000, Bitcoin is currently low in its channel, with BTC trading at a market price of $27,020 (representing a 24-hour change pf -0.01%).
This comes following yesterday's spike in price, which saw BTC bounce off freshly-won support from the 20DMA at $26,406 to rise +3.69% to current levels.
And this morning has seen a well-defended open by Bitcoin bulls, with significant buy pressure underpinning the move to consolidate - preventing any localized retracement.
Reason 1: Bitcoin is Seeing Technical Structure Strengthen Alongside MACD
Bitcoin is consequently seeing technical structure strengthen on the short-time frame (STF) with price action now poised for a test of resistance from the 200DMA - which has converged with the $28,000 price level.
A push above the 200DMA is critical here - the ascendant moving average has acted to suppress upside moves for 43-days
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