Bitcoin has been gaining momentum in the cryptocurrency market, with predictions suggesting it could reach $28,435 by mid-October, marking a 9% potential increase. This positive outlook is supported by recent Nonfarm Payroll (NFP) data that exceeded expectations, with 336K jobs added compared to the predicted 171K.
As of October 7th, Bitcoin is trading at $27,922, with a 2% increase in the last 24 hours and a 4% gain over the week. Its 24-hour trading volume exceeds $13 billion, solidifying its dominance.
From a technical perspective, Bitcoin faces resistance at $28,435, with support at $26,649. The Relative Strength Index (RSI) is at 60, indicating a bullish sentiment, and Bitcoin is above its 50-day Exponential Moving Average (EMA).
A symmetrical triangle pattern breakout at $27,000 suggests Bitcoin's upward trajectory may continue. Staying above $27,445 is crucial for the bullish trend.
In conclusion, Bitcoin is displaying a bullish trend, and there's potential for it to reach $28,435 by mid-October. However, investors should conduct their research and exercise caution when making investment decisions.
