Bitcoin (BTC) has once again made a strong jump, trading at $26,634 with a 3.62% increase in the past 24 hours, reaching a market cap of $519 billion. The price of BTC shows strength in technical charts and seems ready to make a move towards $31,000.
Experienced cryptocurrency analyst Ali Martinez reported that the TD Sequential indicator on the 3-day Bitcoin chart has given a potential buying signal. With the increasing buying pressure for BTC, there is a possibility for the crypto king’s price to move towards the middle or upper boundary of the channel with targets at $28,000 and even $31,000. Martinez emphasized the importance of closely monitoring the TD Risk Line, especially the $24,500 level, as the confirmation of the bullish signal plays a critical role.
Currently, Bitcoin is trading just above the support level of $26,500, which previously acted as resistance, and appears to be forming a double top formation while gaining stability near the $26,800 resistance. There is a descending trendline around the $26,750 level that could hinder Bitcoin’s upward movement. Breaking this trendline could lead to a target level of $27,000.
It should be noted that beyond $27,000, the level of $27,600 corresponds to a significant resistance level. Breaking this level could pave the way for a milestone at $28,000 and reaching $31,000.
Throughout the week, a series of significant events can be expected to influence the dynamics of Bitcoin’s price. The most important event to follow is the interest rate decision to be announced by the Fed on September 20. On the same day, market observers will closely monitor the economic projections of the FOMC and the statements to be made by Fed Chairman Jerome Powell in the press conference following the interest rate decision. Powell’s comments, whether dovish or hawkish, can trigger volatility in both traditional markets and the cryptocurrency market.
On September 21, attention in the markets will turn to Unemployment Claims data, with analysts predicting a slight increase to 222,000 compared to the previous 220,000. Investors closing the week on September 22 will follow the Manufacturing PMI and Services PMI data, which are set at 47.9 and 50.8, respectively. These data are important indicators of the health of the economy and any deviation from expectations can affect market sensitivity, indirectly impacting the price of Bitcoin and altcoins.