Bitcoin (BTC) Price Analysis for September 29

The rates of most of the coins have continued to grow, according to CoinMarketCap.

BTC/USD

The price of Bitcoin (BTC) has increased by 0.33% over the last 24 hours.

Despite today’s slight rise, the rate of BTC is trading sideways on the local chart as the price is in the middle of the channel. If buyers want to seize the initiative, they need to restore the rate above the $27,200 zone. Only in that case is there a chance to see a resistance breakout.

On the bigger time frame, neither bulls nor bears are dominating as the price keeps locating in the channel. However, buyers are supposed to be more powerful than sellers as the rate is closer to the resistance than to the support.

If the breakout of the $27,537 mark happens, the upward move may continue to the $28,000 area and above.

A similar situation can be seen on the weekly chart. At the moment, one should focus on the candle’s closure. If it happens above the previous bar peak, there is a possibility to expect a test of the resistance soon.

BTC is trading at $26,878 at press time.

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