Important points
- BTC rose over 1% and is currently trading above $111,000.
- If the bullish trend continues, the coin could rise towards $115,000.
Crypto market gains stability
The cryptocurrency market has been volatile since the beginning of the week, with Bitcoin recording wild movements. However, over the past 24 hours, the market has regained stability and major coins have posted healthy gains.
Bitcoin, Ether, and XRP prices showed signs of stabilization earlier today as market momentum stabilized after recent volatility. Major cryptocurrencies are trading above key levels, with momentum indicators suggesting growing bullish pressure and potential signs of a short-term recovery.
Bitcoin aims for $115,000 amid early signs of recovery
The 4-hour chart of BTC/USD remains bearish and efficient despite Bitcoin’s value increasing by 1% in the past 24 hours. The price of the cryptocurrency Bitcoin faced a pullback from its 50-day exponential moving average (EMA) at $113,329 earlier this week, and fell nearly 3% on Wednesday.
However, it retested the 61.8% Fibonacci retracement level at $106,453 and recovered 2.33% on Thursday before moving above $111,000.
A 58-point rise in the Relative Strength Index (RSI) indicator on the 4-hour chart suggests early signs of increasing bullish momentum. For Bitcoin to embark on a sustained rally, the RSI needs to rise above the neutral 50. Additionally, the Moving Average Convergence Divergence (MACD) line has converged over the past 24 hours, forming a bullish crossover.
If this bullish trend continues, Bitcoin could extend its rally towards the 50-day EMA at $113,329. If the bullish development continues, the $115,137 ILQ level could be regained.
However, if the bulls fail to build on this momentum and the daily candlestick closes below $106,453, Bitcoin could widen its losses towards the October 10 swing low of $102,000 in the coming days.
Momentum is turning bullish, which could allow Bitcoin to extend its current rally towards the $115,000 resistance.
