Bitcoin (BTC) displayed resilience and a glimmer of bullish momentum as it edged higher by 1.3% over the past 24 hours.
The world’s largest cryptocurrency, with a market capitalization in excess of $539 billion, rebounded from recent fluctuations, briefly breaching the $28,000 threshold earlier this week before retracing some of its gains.
Analysts at Matrixport, a prominent crypto services provider, reported that BTC has broken free from its downtrend, which began this summer and established strong support at the $27,000 level.
Their analysis hints at a potential ascent towards the coveted $30,000 milestone, although Monday’s initial surge was followed by a decrease in trading volume, dropping from $19 billion to $11 billion.
Enigma Securities, a respected institutional digital asset advisory firm, anticipates a prolonged period of low volatility in crypto markets, offering an extended window for accumulation for long-term investors.
Vetle Lunde, senior analyst at K33 Research, echoes this sentiment, predicting that markets will consolidate and trade sideways throughout October.
While Bitcoin’s uptick is partially attributed to a calmer crypto market, traditional markets also experienced a reprieve. After a turbulent Tuesday, fresh job data indicated a cooling U.S. labor market.
The ADP reported a modest increase of 89,000 jobs in September, significantly lower than the expected 153,000 and August’s 180,000. The S&P 500 index closed 0.8% higher, while the NASDAQ 100 index recorded a robust 1.45% gain.
As Bitcoin strives to reach new heights, its price trajectory remains an engaging topic for investors and enthusiasts alike, with the $30,000 mark looming on the horizon and a renewed sense of stability in both crypto and traditional markets.
