Bitcoin Price Prediction as BTC Leaps toward $30,000 – Is The Bull Market Starting?
The current price of Bitcoin today is a remarkable $29,599, reflecting a 3% increase in the past 24 hours.
A robust 24-hour trading activity is recorded at approximately $21.8 billion on the volume front.
As for its standing in the vast crypto arena, Bitcoin retains its crown with a #1 ranking on CoinMarketCap.
The digital currency's market capitalization is nothing short of impressive at roughly $577.76 billion.
The circulating reservoir of BTC coins is about 19.52 million, marching gradually towards its maximum supply limit of 21 million.
Delving into Bitcoin's technicals, the pivot point is identified at $29,188, with the immediate resistance level at $30,282. Further resistances are seen at $31,078 and $31,820.
On the downside, Bitcoin finds its immediate support at $28,195, with subsequent supports stationed at $27,287 and $26,554.
The Relative Strength Index (RSI), a tool to gauge momentum, is currently valued at 74. Traditionally, an RSI reading above 70 indicates overbought conditions, hinting at a potential cooling-off period soon.
Conversely, an RSI above 50 typically implies bullish sentiment, which Bitcoin is currently exuding.
The 50-day Exponential Moving Average (EMA) is another pivotal technical indicator clocked at $29,188. Bitcoin's price trajectory above this level suggests a bullish inclination in the short term, with the EMA serving as dynamic support.
On the chart patterns front, the notable appearance of the "Three White Soldiers" pattern on a 4-hour timeframe gives weight to bullish sentiments.
This pattern, often seen as a bullish reversal signal following a downtrend, points towards sustained bullish momentum, especially if Bitcoin can consistently hold above the $29,188 mark.
In conclusion,
Read more on cryptonews.com
