Market update: BTC spikes above $27k as LINK leads bounce

• Bitcoin has broken above $26,300 for the first time since August 31.
• With the gains, LINK is up more than 15% in the past week and hit $6.81.

Bitcoin is back above $27,300 for the first time since August 31, while Chainlink (LINK) is leading the top 20 cryptocurrencies by market cap as its price bounces to above $6.80. Elsewhere, top altcoin Ethereum has hit highs above $1,670 as the mega caps gain ahead of a likely pivotal week for sentiment across risk asset markets.

Can Bitcoin price break higher?

BTC breaking higher on Monday sees the benchmark cryptocurrency rekindle a little positivity for bulls. With intraday highs near $27.4k, crypto analysts have noted the potential for a retest of a critical level and the invalidation of a double-top pattern.

While the price may reject at the immediate resistance and fail to consolidate above the 200-week MA, the opposite outlook is a decisive breakout that turns the hurdle into a support. The upside perspective would be crucial after BTC signaled the Death Cross on the daily chart and saw a bearish monthly close candle as price stayed below $27k.

If price moves higher, a rally to $28,200 could open it up for a retest of the psychological $30k level. On the downside, rejection would mean a retest of $25k area before rebounding.

#BTC has reached the ~$27100 (black)

Could BTC upside wick beyond here?

We’ve seen upside wicks beyond a recently lost support many times before over the past year or so, some upside wicks as +8% long$BTC #Crypto #Bitcoin https://t.co/rkRsoC1ILt pic.twitter.com/qjDW97oy9E

— Rekt Capital (@rektcapital) September 18, 2023

LINK price up

Chainlink has been today’s biggest gainer so far, jumping nearly double-digits as intraday price reached highs of $6.81across major crypto exchanges. The breakout has been helped by the bullish push above the $6.40 area and comes after LINK revisited the $5.50 zone.

If prices continue to rise, LINK/USD might add to the weekly gains of more than 15% with a push towards $8.00. Crypto analyst Michael van de Poppe sees this as the likely trajectory.

Request 1 – $LINK

This one is showing upwards momentum and I think that the bottom is in.

Retests are ready to be bought. If we get $6.15-6.40 retest, that’s an entry towards $8. pic.twitter.com/1nqCroCKzp

— Michaël van de Poppe (@CryptoMichNL) September 18, 2023