Is the bullish momentum sustainable?
Despite these ups and downs, Bitcoin's dominance in the market has not been deterred, holding firmly the #1 spot on CoinMarketCap. Its current market cap is a whopping $665.9 billion. If we talk about supply, 19.53 million BTC coins are in active circulation, a certain limit is set at 21 million BTC coins.
Jump into the universal Bitcoin price prediction To unlock the factors affecting BTC's current position and what the future holds.
Bitcoin price prediction
Diving into the daily chart for analysis, Bitcoin's pivot point is marked at $33,920, which surprisingly corresponds to the 23.6% Fibonacci retracement level. As for the resistance levels, the immediate resistance is at $34,500, then $35,250 and then at $36,150.
On the upside, immediate support is expected at $33,000, which aligns with the 38.2% Fibonacci retracement level. This was followed by the $32,450 and $31,800 support levels, which represent the 50% and 61.8% Fibonacci retracement respectively.
📈 #Bitcoin Daily Technical View 🚀:
Current Price: $34,10024s Trading Volume: $18.37BRSI: 57 (Bullish Sentiment 🟢)Price above 50-day EMA ($32,800) indicates a short-term bearish trend. Immediate resistance: $34,500 Trade with knowledge! 🔍📊 #BTC #CryptoUpdate pic.twitter.com/otsCgCu7TA
— Arslan B (@forex_arslan) October 29, 2023
From a technical point of view, the Relative Strength Index (RSI) stands at a value of 57. This value, slightly higher than the midpoint, reflects a bullish sentiment in the market, indicating a strong buying momentum.
Additionally, the 50-day Exponential Moving Average (EMA) for Bitcoin was recorded at $32,800. As the current price of Bitcoin floats above this EMA, it indicates a short-term bullish trend.
Looking at the daily chart patterns, Bitcoin appears to be in a strong position, consistently holding above the double bottom support level at $33,450. Additionally, the 23.6% Fibonacci retracement is anticipating any significant downtrend.
A clear red box on the chart indicates a wrap-around level, indicating that investors are waiting for a strong reason to make a significant difference.
Summary
In summary, the overall trend of Bitcoin is bullish, especially if it manages to hover above the $33,900 threshold. Conversely, if it breaks below this level, a bearish trend may be on the horizon.
Given the current indicators and market activity, it is plausible that Bitcoin will attempt to test the $34,500 resistance level in the coming days.
However, since the crypto domain is incredibly volatile, traders need to be vigilant in keeping both technical markers and global market conditions in mind. Making an informed decision based on a mix of these indicators is always a very prudent approach.
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