BTC Rushes Towards $27K Level as Crypto Market Experiences Uptrend

Bits Logics Team . 13th Sep 2023

• Bitcoin once again climbed above the $26 level, despite falling below it during the week. 
• Currently, BTC is priced at $16,119.21 after experiencing a surge of 0.16% in one day. 
• The RSI also shows that the price of BTC could be rising because of the uptrend in the crypto market.

Bitcoin once again climbed above the $26 level, despite falling below it during the week. Currently, BTC is priced at $16,119.21 after experiencing a surge of 0.16% in one day. Moreover, during the week, BTC was able to maintain its 1.70% spike. Despite the fall, it faced in between, the leader of cryptocurrencies was able to come back into the green zone.

BTC 7-Day Chart (Source: CoinMarketCap)

BTC started this week by trading at $25.68 and showed signs of a bearish trend. However, it seems the traders were able to come to BTC’s aid and create a surge. At the reported time, BTC still resides in the green zone after experiencing a sudden jump in its prices.

BTC/USD 1-Day Chart (Source: TradingView)

Looking at the BTC/USD 1-Day chart, the candlesticks is currently trading in between the weak resistance of $27370 and $25,018 support level. The sudden surge BTC experienced could be buyers entering the market. There is a high chance with the current momentum, BTC could reach the weak resistance level. After reaching the $25K level, BTC would begin its ascend to the $29K level. 

The RSI also shows that the price of BTC could be rising because of the uptrend in the cryptocurrency is experiencing. BTC could continue to experience demand in the market as buyers enter the market, making the RSI climb beyond the 60 level. This could further trigger BTC route to the $30K level, the extremely bullish point.

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