Once again demonstrating its durability in the very turbulent world of cryptocurrencies, bullish traders have kept the price of the well-known coin well above the $34,000 mark. It has seen an incredible $18.37 billion worth of trade volume over the last day, despite a minor 2% decline.
Bitcoin continues to maintain its dominant position in the market and holds the top spot on CoinMarketCap despite this volatility. With a market capitalization of $665.9 billion, it is enormous. In terms of supply, there are currently 19.53 million bitcoins in use, with a 21 million coin cap.
Explore our in-depth forecast of the price of Bitcoin to learn more about the variables affecting the market’s present position and possible future direction.
Bitcoin Price Prediction
Examining the daily chart for our research, we see that the 23.6% Fibonacci retracement level and $33,920 mark the pivot points for Bitcoin. Regarding resistance levels, $34,500 is the first resistance level, followed by $35,250 and $36,150.
Conversely, the 38.2% Fibonacci retracement level, or $33,000, is anticipated to provide quick support. Support levels at $32,450 and $31,800, which correspond to the 50% and 61.8% Fibonacci retracement, respectively, trail this.
Technically speaking, the value of the Relative Strength Index (RSI) is 57. This number, which is marginally over the middle, indicates that the market is generally positive and that there is strong purchasing momentum.
In addition, the value of Bitcoin’s 50-Day Exponential Moving Average (EMA) is $32,800. The fact that the price of bitcoin is currently above this EMA indicates a short-term bullish trend.
Based on a close examination of the daily chart patterns, it appears that Bitcoin is holding steady above the $33,450 double bottom support level. Additionally, the 23.6% Fibonacci level is stopping any significant decline.
A clear red box on the chart denotes a consolidation phase, implying that investors may be waiting for a compelling argument to initiate a big breakout.
In summary, the general outlook for Bitcoin is positive, particularly if it stays above the $33,900 mark. In contrast, a bearish trend may be approaching if it breaks below this level.
In the coming days, it’s conceivable that Bitcoin may try to test the $34,500 resistance level given the current indicators and pulse of the market.
Because the cryptocurrency industry is notoriously unpredictable, traders must exercise caution while evaluating technical indicators and overall market circumstances. Using a combination of these signs to make well-informed decisions is always the most sensible course of action.