Staying on the bullish fast tracks amidst the declining US stock market, Bitcoin skyrockets this Thursday to enter a high-speed rally and cross $30K. The BTC price ignores the 10-year U.S. Treasury yield, taking a 6 basis point jump to reach 4.97%, almost reaching 5%.
Such high interest rates for the 10-year Treasury yield drive the stock market into the bear zone, but Bitcoin (BTC) and altcoins continue the surprise rally. With such rising momentum, the Bitcoin price prediction highlights a possibility of reaching the $35K mark.
Rising higher with the trendline breakout, the BTC price makes a bullish comeback and sustains momentum with improving sentiments. Taking a 9% in the last five days, Bitcoin jumped from $26,800 to $29,240 and continues to aim higher.
With the possibility of rate hikes remaining unchanged next month, Bitcoin prices warm up to enter the halving event bull run. With a retest jump from $28K, the BTC trend action shows two bullish engulfing candles continuing the utprend.
Further, the BTC price displays a rounding bottom reversal that may shortly reach the neckline of $30,000. Currently, the BTC prices trade at $29,242 with an intraday jump of 1.77%.
Technical indicators:
RSI: The RSI line spikes higher with the improving bullish sentiments and approaches the overbought boundary, teasing trend continuation.
EMA: The 50-day and 200-day EMA maintain a bullish alignment, and the sudden reversal in price brings an uptick in the 50-day EMA.
Where is the Bitcoin (BTC) Price Heading?
Investors accumulating Bitcoin at a time when the stock market is taking a bearish hit reflects the market confidence in Bitcoin. Considering the uptrend exceeds the $30,000 mark, $35,000 is the next milestone for the BTC price.
Moreover, with the higher sentiments this ‘Uptober,’ a sentiment fuel rally can cross multiple resistance levels.
On the flip side, despite minimal reversal chances, a pullback is possible if the sellers remain dominant at $30,000. In such a case, the price trend might again test the $28,000 mark.
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