Convergence

bullish

FOMO

Bitcoin

Divergence

With a jump of 2.20% within the past day, the price of Bitcoin has recorded a high of $59,976 today. Moreover, amid increased bullish action, the star crypto has recorded a trading volume of $30.856 Billion.  
With this, people are curious about the recent Bitcoin price surge. Speculations such as increased whale/institutional activities, and the upcoming FOMC meeting are considered to be the prime reasons as per some reports.  
Amid rising FOMO in the crypto market, our dedicated analysts have written a detailed article uncovering the market sentiments, price analysis, and possible short-term price action of the largest cryptocurrency by market capitalization.  
<h2 class="wp-block-heading" id="h-btc-price-retests-its-60-000-mark">BTC Price Retests Its $60,000 mark!</h2>  
After trading under a negative influence for a brief period, the Bitcoin price has surged over 10% within the past seven days. This has resulted in the market leader breaking out of its important resistance level of $58K and heading toward its important psychological level of $60,000.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXddoO0k_o1KwJR4Qi4tajkNsC0x-82UbfkMST9sXnfMvLZn8LoE1ux77UWS5c36oNuMMl-qcIv1XnJDKQLvCOGsQGl8JI458LzWwcaC7PBfSy4d5uE1XOAkcr_Yn3jtN8XVGnqnK4YOgQ9uHUGefLrSZDjs?key=uWM9faSTGuqGp2Rc34er1A" alt="Bitcoin Price Analysis September 2024">
 <figcaption class="wp-element-caption">
 TradingView: BTC/USDT
 </figcaption>
</figure>  
During the late Asian trading hours, the BTC price added 3.38%, from $57,662 to $59,605. Moreover, with the recent bullish action, it has successfully retested its important resistance/support zone around the $58,000 level.  
The Moving Average Convergence Divergence (MACD) has recorded a rising green histogram with a bullish convergence in its 1D time frame. This highlights increased bullish action for the crypto token in the market.  
Further, the EMA 50/200-day has started stabilizing by recording a neutral price trend. However, the 50-day shows a potential bullish reversal, suggesting a positive outlook in the coming time.  
<h2 class="wp-block-heading" id="h-will-bitcoin-price-hit-100k-this-year">Will Bitcoin Price Hit $100K This Year?</h2>  
If the market continues to gain momentum, the BTC crypto price will retest its resistance level of $60,178. Maintaining the price at that level will set the stage for Bitcoin to head toward its upper resistance level of $66,726 during the upcoming weeks.  
On the flip side, if a trend reversal occurs, it will retest its support trendline of $58,000. Failing to hold its price at that level could result in it plunging toward its lower support level of $55,000 this month.  
Also read, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin Price Prediction</a> 2024 - 2030

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