Bitcoin (BTCUSD) Price Forecast: September 16
The BTCUSD pair recovers amid rising demand and forges ahead, causing the crypto universe to stir. The coin recovered from the $53,000 low to $60,000 in the past 24 hours, echoing a frenzy among market participants. The crypto may continue to grow, driving the coin price to surge above the $72.777 barrier level, potentially leading the cryptocurrency towards the $75,000 upper high trend line, bolstering the flagship coin’s price movement.
Key Levels:
Resistance Levels: $59,000.00, $60,000.00, $61,000.00
Support Levels: $53000.00, $52000.00, $51000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD pair remains bullish as it recovers amid rising demand on the higher time frames. This is clear as we can see the prices trading above the EMA-50, recovering, and may surge above the overhead supply level soon.
The bullish reversal at the $58,600 high value on the 12th of September has sustained the crypto above the trend line in its recent high.
Today, the Bitcoin price recovered amid rising demand and found a reliable resistance at around the $60,304 level above the EMA-50, resulting in intraday gains. Hence, staying above the EMA-50 indicates a strong possibility for a bullish correction.
Hence, if a renewed surge in BTCUSD buyer’s interest occurs, the price could surpass the $72,777 high level, potentially leading the crypto towards a $75,000 mark.
Additionally, the coin price indicates an uptrend on the daily stochastic, suggesting a further increase in the BTCUSD price, driving the coin price to the $75,000.00 upper resistance trend line soon, as the crypto recovers amid rising demand in its higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Upward pressure still dominates the BTCUSD pair as it recovers amid rising demand on the medium-term outlook. The coin price is now strongly trading above the moving averages with huge volumes from the bulls. Thus, the recent market structure may drive the crypto’s price to surge above the overhead resistance trend lines soon.
As a result of price rejection at the $59,825 high mark in the previous action, buyers pushed the price of Bitcoin higher amid rising demand to a $60,208 supply level above the EMA-50, as the 4-hourly session opens today.
Actions from buyers have also increased the coin further up to the $60,250 resistance value as it journeys up north. More gains are possible if the bulls put extra effort into the price action.
Next, the momentum indicator pointing upwards suggests the continuation of the bullish trend. Hence, the price of the BTCUSD pair might surge higher above the $65,050 supply value shortly in its medium-term outlook.
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