Is the Bullish Momentum Sustainable?

Posted by By News Room 5 Min Read
In the ever-volatile world of cryptocurrency, Bitcoin has once again shown its resilience, with bullish traders maintaining the iconic coin’s price firmly above the $34,000 threshold. In the past 24 hours, it has witnessed a trading volume of an astounding $18.37 billion, although it faced a slight dip of 2%.

Despite these fluctuations, Bitcoin’s supremacy in the market is undeterred, holding firmly to its #1 position on CoinMarketCap. Its current market cap is a mammoth $665.9 billion. Speaking of supply, 19.53 million BTC coins are in active circulation, with a capped limit set at 21 million BTC coins.

Dive into our comprehensive Bitcoin price prediction to unpack the factors influencing BTC’s current stance and what the future potentially holds.

Bitcoin Price Prediction

Diving into the daily chart for our analysis, the pivot point for Bitcoin is marked at $33,920, which interestingly coincides with the 23.6% Fibonacci retracement level. As for resistance levels, the immediate resistance lies at $34,500, followed by $35,250 and then at $36,150.

On the flip side, immediate support is expected at $33,000, which aligns with the 38.2% Fibonacci retracement level. This is trailed by support levels at $32,450 and $31,800, mirroring the 50% and 61.8% Fibonacci retracement, respectively.

From a technical standpoint, the Relative Strength Index (RSI) value stands at 57. This value, slightly above the midpoint, reflects a bullish sentiment in the market, showcasing a prevailing buying momentum.

Additionally, the 50-Day Exponential Moving Average (EMA) for Bitcoin is recorded at $32,800. Since Bitcoin’s current price floats above this EMA, it signals a short-term bullish trend.

Bitcoin Price Chart – Source: Tradingview

Observing the daily chart patterns, Bitcoin seems to be in a strong position, staying consistently above a double bottom support level of $33,450. Moreover, the 23.6% Fibonacci level is holding back any substantial downtrend.

An evident red box on the chart indicates a phase of consolidation, suggesting that investors might be on the lookout for a solid reason to trigger a significant breakout.

Summing Up

In conclusion, the overarching trend for Bitcoin leans bullish, especially if it manages to hover above the $33,900 threshold. Conversely, if it breaches below this level, a bearish trend might be on the horizon.

Given the current indicators and market pulse, it’s plausible that Bitcoin could attempt to test the resistance level of $34,500 in the ensuing days.

However, it’s essential for traders to be vigilant, considering both the technical markers and global market conditions, as the crypto domain is notoriously volatile. Making informed decisions based on a mix of these indicators is always the most prudent approach.

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