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With Bitcoin gaining global attention, investors and traders are closely monitoring its price movements.
Bitcoin (BTC) is currently facing a major obstacle with double top resistance at the $31,000 levels.
This resistance has acted as a strong barrier so far, raising concerns about a possible bearish correction in the near future.
This Bitcoin price prediction focuses primarily on Bitcoin’s technical analysis and considers whether the double top resistance will hold or whether Bitcoin will break through and continue its upward trajectory.
bitcoin price
The current situation as of today is Bitcoin price is $30,273 with a 24-hour trading volume of $16.4 billion.
Over the past 24 hours, Bitcoin experienced a slight drop of around 1%.
Bitcoin holds the top rank on CoinMarketCap with a current market capitalization of $587 billion.
The circulating supply of Bitcoin is 19,412,850 BTC coins, but the maximum supply is limited to 21,000,000 BTC coins.
Bitcoin price prediction
On the daily chart, BTC/USD is encountering significant resistance near $31,000, which is reinforced by a double top pattern.
This level of resistance, along with the presence of dogges and top candles, suggests weakening bull sentiment and buyer fatigue.
As a result, we can expect a slight correction in the Bitcoin price.
It’s important to note that immediate support is offered for approximately $29,600.
A break below this support level could lead to further downside action with the key support at $28,250, which coincides with the 50-day exponential moving average.
If the price breaks below $28,200, then a support near $26,750 is likely.
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 supports the possibility of corrective action being taken in the near future.
Conversely, if Bitcoin manages to break out of the $31,000 level, the next target to watch will be around $32,500.
If the momentum continues, the next target could be around $34,000.
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