Crypto
Bitcoin Price Bounces Back Above $84,000 Amid Bullish Moving Averages
Bitcoin's price rebounded on Tuesday, September 29, as it climbed approximately 1% over 24 hours to reclaim $84,000. The bounce back from the $82,555 local low suggests that buyers are attempting to repair the damage from a retreat off the $87,374 high.
The daily moving averages continue to favor the bulls, with 13 out of 14 signals flashing green. However, shorter timeframes reveal that the recovery is still wrestling with overhead resistance at $85,131 and $87,374.
On the hourly chart, Bitcoin's price shows a sharp advance from the September 17 low near $74,962 to the $87,374 peak around September 21-22. The rally subsequently ran out of steam, giving way to a multiday decline and another retreat into the upper $82,000s on September 28.