Bitcoin, the original digital currency, is making headlines by surpassing the tough $30,000 barrier. A massive influx of $10 billion is behind this surge, showing that both big investors and regular folks are gaining faith in it again.
This breakthrough of the resistance level has experts talking about the start of a new bullish market phase. Now, everyone’s watching to see just how high Bitcoin can climb this time.
Right now, Bitcoin is trading at a strong $29,623, and it’s been quite active with a 24-hour trading volume of around $21 billion, showing a 3% increase in the past day.
Bitcoin remains the king of the crypto market, holding the top spot on CoinMarketCap. Its total market value is a whopping $578 billion.
Looking at its supply, there are currently 19.52 million BTC coins out there, getting closer to the maximum limit of 21 million coins.
Bitcoin Price Forecast
When we look at Bitcoin’s technical aspects, we find some critical points that can help us understand where it might be headed. One important level is the pivot point, which is currently at $29,350.
As for price levels, Bitcoin faces immediate resistance at $30,285, and there are more obstacles at $31,075 and $31,820.
On the flip side, the cryptocurrency has its initial support at $28,200, and you can also see support at $27,285 and $26,555 if we go deeper.
Now, let’s talk about the Relative Strength Index (RSI), which is a key indicator. Right now, Bitcoin’s RSI is at 68. This is significant because an RSI above 70 often suggests that the asset might be overbought, hinting at a possible correction in the future.
Bitcoin Price Chart – Source: Tradingview
On the flip side, an RSI below 30 means the asset might be oversold. In Bitcoin’s case, with an RSI just under 70, it signals a strong bullish sentiment. But it’s important to keep an eye out because this could also hint at a potential price correction.
Adding to our analysis is the 50-day Exponential Moving Average (EMA), which is an important metric for Bitcoin, currently at $28,700. When we look at all these indicators together, we get a good picture of where Bitcoin stands in the market and where it might be headed.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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