Is the bullish momentum sustainable? | Taza Khabre

In the ever-volatile world of cryptocurrencies, Bitcoin has once again shown its resilience, with bullish traders keeping the price of the iconic coin firmly above the $34,000 threshold. In the last 24 hours, it has witnessed a trading volume of a staggering $18.37 billion, although it has faced a slight drop of 2%.

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

Immerse yourself in our complete Bitcoin price prediction to unpack the factors influencing BTC’s current position and what the future potentially holds.

Bitcoin price prediction

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

On the other hand, immediate support is expected at $33,000, which aligns with the 38.2% Fibonacci retracement level. This is followed by support levels at $32,450 and $31,800, reflecting the 50% and 61.8% Fibonacci retracements, respectively.

From a technical point of view, the Relative Strength Index (RSI) value stands at 57. This value, slightly above the midpoint, reflects a bullish sentiment in the market, showing a prevailing buying impulse.

Additionally, Bitcoin’s 50-day exponential moving average (EMA) is recorded at $32,800. Since the current Bitcoin price is hovering above this EMA, it indicates a short-term bullish trend.

Bitcoin price chart
Bitcoin Price Chart – Source: Tradingview

Looking at the patterns on the daily chart, Bitcoin appears to be in a strong position, holding steadily above a lower double support level at $33,450. Also, the 23.6% Fibonacci level stops any substantial downtrend.

An obvious red box on the chart indicates a consolidation phase, suggesting that investors could be waiting for a solid reason to trigger a significant breakout.

summing up

In conclusion, the overall trend of Bitcoin is tilted to the upside, especially if it manages to break above the $33,900 threshold. Conversely, if it breaks below this level, there could be a bearish trend on the horizon.

Given the current indicators and market pulse, it is plausible that Bitcoin will attempt to test the $34,500 resistance level in the coming days.

However, it is essential that traders remain vigilant, keeping in mind both technical markers and overall market conditions, as the crypto domain is notoriously volatile. Making informed decisions based on a combination of these indicators is always the most prudent approach.

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