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Bitcoin & Ethereum Jump: BTC/USD & ETH/USD Price Action

October 2, 2023

Via: DailyFX

Bitcoin’s rise to a minor resistance at the mid-September high of 27500 raises the odds that the two-month-long decline could be over. This follows a hold above strong support at the June low of 24750, which has kept intact the higher-top-higher-bottom formation since the end of 2022. Importantly, this keeps alive the possibility of a further recovery given the sharp 2021-2022 decline.

BTC/USD is now testing a key ceiling at the end-August high of 28150, coinciding with the 200-day moving average.

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