Bitcoin, the leading cryptocurrency, has bounced back after a short dip below $25,000, suggesting that the bullish sentiment may remain.
Data from TradingView shows that Bitcoin dropped to $24,901 on Monday before recovering to close the day at $25,162. Crypto traders say that this dip likely caused buying interest around $25,000, which then resulted in a price rebound.
Since then, Bitcoin has been trading within the boundaries of $25,000 as support and $26,800 as resistance, establishing a trading range that has remained for almost a month. A successful close above $26,800 could indicate an upside breakout towards $27,200, which aligns with Bitcoin’s 50-day exponential moving average.
The 100-day exponential moving average, currently near $27,609, presents another obstacle that Bitcoin must overcome before it can reach its most recent high of $28,142, marked on August 29. After that, the key level of $30,000 awaits, representing a 15% increase from the current prices.
Not only Bitcoin but also other cryptocurrencies have seen a notable surge today, with PERPS, SONICBOT, and EMOTI standing out as the biggest gainers on DEXTools.
PERPS (PERPS) has shaken off yesterday’s bearishness, rising 102.80% to trade at $0.08701. The cryptocurrency continues gaining traction after a 46% drop. Its hourly RSI is set at 70.22, which suggests that the cryptocurrency is now in the overbought territory, potentially leading to a price reversal or correction in the near future. However, the Exponential Moving Averages (EMA) tell a different story: the 10 EMA, currently at $0.07437, is successfully trailing, indicating a strong upward trend. The 20 EMA and 50 EMA, at $0.06609 and $0.05831 respectively, further reinforce this trend, as they are lower than the current price. Immediate resistance for PERPS lies at its all-time high of $0.09445, followed by