. Daily Crypto Analysis-Incredible Crypto Rebound: Bitcoin Soars to $28,500, Boosts Market Cap by $40B

Daily Crypto Analysis-Incredible Crypto Rebound: Bitcoin Soars to $28,500, Boosts Market Cap by $40B

Daily Crypto Analysis-Incredible Crypto Rebound: Bitcoin Soars to $28,500, Boosts Market Cap by $40B

02 Oct 2023

Introduction:

In a remarkable turnaround, Bitcoin has surged back to $28,500 this week, spearheading a recovery in the cryptocurrency market. The resilience of Bitcoin and the broader market’s gains reflect growing investor confidence and signal potential for future growth. This optimism is partly attributed to investors’ increased risk appetite, influenced by a slight dip in the dollar index and interest rates. Furthermore, a range of cryptocurrencies, including Solana, Cardano, Ethereum, Binance Coin, Ripple, Doge Coin, Tron, and Litecoin, have seen notable advances, painting a positive picture for the overall cryptocurrency market this week.

BITCOIN:

Bitcoin recovers to $28,500 as altcoins rally, boosting total crypto market cap.

This week has witnessed a notable recovery in the cryptocurrency market, with Bitcoin climbing back to $28,500 following a brief decline. The total market capitalization of cryptocurrencies has increased by over $40 billion as a result of this rebound, which has been accompanied by significant gains across a variety of altcoins.

Bitcoin has led the charge in the cryptocurrency market’s endurance in the face of volatility, with several altcoins following. The increase in the sector’s market value shows that investors are feeling confident and may pave the way for future expansion.

Today’s spike in optimism for cryptocurrencies is headed by Bitcoin’s stunning 4% gain and is being attributed to investors’ growing appetite for risk, which is evidenced by a modest drop in the dollar index and rates.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 27621.37 | Positive Crossover | Bullish
  • MA 20: 26968.24| Positive Crossover | Bullish
  • MA 50: 26690.26 | Positive Crossover | Bullish

Simple:

  • MA 5: 27479.96 | Positive Crossover | Bullish
  • MA 20: 26735.09| Positive Crossover | Bullish
  • MA 50: 26694.87 | Positive Crossover | Bullish

RSI (Relative Strength Index): 77.18| Buy Zone |Bullish

Stochastic Oscillator: 96.07 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 28255.97| R2: 29623.50
  • S1: 27376.85 | S2: 26009.32

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 28695.54 | Take Profit: 29623.50 | Stop Loss: 28011.77.

Elsewhere In the Crypto Market

Solana, Cardano, Ethereum, Binance Coin, Ripple, Doge coin, Tron, Bitcoin Cash, and Litecoin are a few of the cryptocurrencies that saw advances. This broad surge indicates a strong week for the cryptocurrency market.

Bitcoin up (0.88%) at 28,241.00, Ethereum down (0.22%) at 1,728.3, Litecoin down (0.97%) at 67.54, Solana up (4.05%) at 23.29, Doge coin up at (1.00%) at 0.64 as of writing time.

Key Economic Events & Data Release Today:

(USD) ISM Manufacturing PMI (Sep) Forecast 47.7, Previous 47.6 at 19:30.

(USD) Fed Chair Powell Speaks at 20:30.