As Bitcoin garners global attention, investors and traders closely monitor its price movements.
Currently, Bitcoin (BTC) encounters a significant obstacle in the form of double top resistance at the $31,000 level.
This resistance has previously acted as a strong barrier, raising concerns about the potential for a bearish correction in the near future.
In this Bitcoin price prediction, we will primarily focus on the technical analysis of Bitcoin, examining whether the double top resistance will hold or if Bitcoin will break through and sustain its upward trajectory.
Bitcoin Price
As of today, the current price of Bitcoin stands at $30,273, accompanied by a 24-hour trading volume of $16.4 billion.
Over the past 24 hours, Bitcoin has experienced a slight decline of approximately 1%.
Bitcoin holds the top rank on CoinMarketCap with a live market capitalization of $587 billion.
The circulating supply of Bitcoin is 19,412,850 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
On the daily chart, BTC/USD is encountering significant resistance near the $31,000 mark, which is reinforced by a double-top pattern.
The presence of doji and spinning top candles, along with this resistance level, suggests a weakening bullish sentiment and exhaustion among buyers.
As a result, we can expect a minor correction in Bitcoin’s price.
It’s important to note that immediate support can be found at around $29,600.
A break below this support level may lead to further downside movement, targeting the key support at $28,250, which coincides with the 50-day exponential moving average.
If the price drops below $28,200, the subsequent support will likely be around $26,750.
Looking at the relative strength index (RSI) and moving average convergence divergence (MACD), both indicators are currently in the neutral zone, indicating that Bitcoin is neither overbought nor oversold.
This reinforces the potential for a corrective move in the near future.
Conversely, if Bitcoin successfully breaks above the $31,000 level, the next target to watch is approximately $32,500.
If the momentum continues, the subsequent target could potentially be around $34,000.
Top 15 Cryptocurrencies to Watch in 2023
Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.
This thoughtfully curated list has been compiled by industry experts from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights.
Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.
Find The Best Price to Buy/Sell Cryptocurrency
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
As Bitcoin garners global attention, investors and traders closely monitor its price movements.
Currently, Bitcoin (BTC) encounters a significant obstacle in the form of double top resistance at the $31,000 level.
This resistance has previously acted as a strong barrier, raising concerns about the potential for a bearish correction in the near future.
In this Bitcoin price prediction, we will primarily focus on the technical analysis of Bitcoin, examining whether the double top resistance will hold or if Bitcoin will break through and sustain its upward trajectory.
Bitcoin Price
As of today, the current price of Bitcoin stands at $30,273, accompanied by a 24-hour trading volume of $16.4 billion.
Over the past 24 hours, Bitcoin has experienced a slight decline of approximately 1%.
Bitcoin holds the top rank on CoinMarketCap with a live market capitalization of $587 billion.
The circulating supply of Bitcoin is 19,412,850 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
On the daily chart, BTC/USD is encountering significant resistance near the $31,000 mark, which is reinforced by a double-top pattern.
The presence of doji and spinning top candles, along with this resistance level, suggests a weakening bullish sentiment and exhaustion among buyers.
As a result, we can expect a minor correction in Bitcoin’s price.
It’s important to note that immediate support can be found at around $29,600.
A break below this support level may lead to further downside movement, targeting the key support at $28,250, which coincides with the 50-day exponential moving average.
If the price drops below $28,200, the subsequent support will likely be around $26,750.
Looking at the relative strength index (RSI) and moving average convergence divergence (MACD), both indicators are currently in the neutral zone, indicating that Bitcoin is neither overbought nor oversold.
This reinforces the potential for a corrective move in the near future.
Conversely, if Bitcoin successfully breaks above the $31,000 level, the next target to watch is approximately $32,500.
If the momentum continues, the subsequent target could potentially be around $34,000.
Top 15 Cryptocurrencies to Watch in 2023
Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.
This thoughtfully curated list has been compiled by industry experts from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights.
Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.
Find The Best Price to Buy/Sell Cryptocurrency
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.