As Bitcoin gains worldwide recognition, investors and speculators closely track its price fluctuations. Bitcoin (BTC) faces a significant obstacle at the $31,000 level in the form of double top resistance.
This resistance acted as a formidable barrier in the past, raising concerns about the possibility of a bearish correction in the near future. This Bitcoin price forecast will concentrate predominantly on Bitcoin’s technical analysis, examining whether the double-top resistance will hold or whether Bitcoin will break through and continue its ascent.
Bitcoin is currently trading at $30,273 and has a $16.4 billion 24-hour trading volume. Bitcoin has experienced a minor decline of approximately 1% over the past 24 hours. On CoinMarketCap, Bitcoin ranks first with a current market capitalization of $587 billion.
Currently, 19,412,850 Bitcoins are in circulation, while the maximal supply is 21,000,000.
Bitcoin Price Forecast
BTC/USD is running into significant resistance on the daily chart near $31,000, which is supported by a double-top pattern. Along with this resistance level, doji and rotating top candles indicate waning bullish sentiment and buyer exhaustion. Consequently, we can anticipate a minor price correction for Bitcoin.
It is essential to observe that immediate support is available for approximately $29,600. The 50-day exponential moving average coincides with this support level.
If the price falls below $28,200, the next support level is anticipated to be near $26,750. The relative strength index (RSI) and the moving average convergence divergence (MACD) are neutral, indicating that Bitcoin is neither overbought nor oversold.
This strengthens the likelihood of corrective action in the immediate future. If the momentum persists, the subsequent objective could be approximately $34,000.