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like bitcoin (BTC) Price Investors are watching closely to see if this presents a lucrative opportunity to enter the market as the key psychological level of $31,000 is tested.
Bitcoin’s price is hovering around this critical level, and the market is expecting its next move.
This Bitcoin price prediction analyzes the current market situation, focusing specifically on the technical aspects of BTC.
By examining key indicators and studying market movements, we aim to provide insight into Bitcoin’s potential future direction.
bitcoin price
As of today, Bitcoin’s current price is $30,763 with a 24-hour trading volume of $13.6 billion.
Over the last 24 hours, Bitcoin has fallen 1.45%.Bitcoin maintains top spot CoinMarketCap Rankingwith a current market capitalization of $597,418,210,834.
The circulating supply of Bitcoin coins is approximately 19,419,987 BTC. Maximum supply is limited to 21,000,000 BTC.
Bitcoin price prediction
According to technical analysis, Bitcoin is currently facing resistance near the $31,000 levels.
However, the cryptocurrency is currently holding just above this level at around $31,050.
The presence of a bullish engulfing candlestick on the daily timeframe suggests a likely bullish trend.
Bitcoin is currently encountering resistance around $31,350 and if it breaks this level, the next target could be around $32,500 or even higher at $34,150.
Various technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show positive sentiment for Bitcoin.
The 50-day exponential moving average also supports the uptrend.
On the downside, Bitcoin’s near-term support is expected to be around $30,500 and possibly around $29,650.
Below $29,650, a drop towards $28,650 or even to $27,900 is possible.
Therefore, it is important to monitor the $31,000 level as it could signal a buying trend.
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