Bitcoin Bulls Reinvigorated Following Positive Comments From Powell
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Bitcoin (BTC) has recorded a significantly productive week as the price re-emerged above $48K for the first time since September 18.
BTC held its ground above the $40K level through most of the week despite a fresh wave of FUD-induced volatility from China after it reiterated its ban on Bitcoin and the crypto industry. As a result, Huobi—one of the world’s largest cryptocurrency exchanges with a significant portion of its user base coming from China—announced that it would no longer accept new users from the region.
That said, the recent bullish reemergence got sponsored by comments from Fed Chair Jerome Powell, who assured that the US government had no intentions of banning cryptocurrencies in the country.
The positive effect of this declaration immediately rippled across the cryptocurrency industry, prompting double-digit gains amongst many coins and boosted the entire market capitalization by over $170 billion.
As mentioned above, altcoins also benefited from this development, with Ethereum crossing the $3,400 mark and Binance Coin above the $420 level. From a weekly standpoint, BTC, ETH, BNB, XRP, SOL, and DOT all recorded double-digit gains with +11.3%, +15%, +25.4%, +11.3%, +27.5%, and +10.1%, respectively. DOGE trades up by +7.5% over the past seven days, while ADA remains relatively unmoved with +0.7%.
Key Bitcoin Levels to Watch — October 3
Bitcoin has finally regained a footing near the critical $48K level, as bears count their losses. Based on indications from our daily MACD, the current bullish bias has ample room for continuation in the coming days. That said, we expect bulls to aim for the $50K psychological resistance over the coming days.
However, there exists the possibility of a minor correction to the upper-46K region amid profit-trading by short-term traders.
Meanwhile, our resistance levels are at $48,500, $49,000, and $49,500, and our key support levels are at $73,000, $46,000, and $45,000.
Total Market Capitalization: $2.13 trillion
Bitcoin Market Capitalization: $904 billion
Bitcoin Dominance: 42.3%
Market Rank: #1
