Bitcoin Price Prediction as BTC Starts Forming Bearish Chart Pattern – Time to Sell?
Bitcoin (BTC) price is currently trading at $30,450, unable to break above the psychological level of $31,000.
The formation of a bearish chart pattern suggests a potential downward trend in the near term.
In this Bitcoin price prediction, we will analyze the market conditions and explore whether this bearish pattern presents a buying opportunity for investors.
The current price of Bitcoin is $30,417, with a 24-hour trading volume of $12.6 billion.
Over the past 24 hours, Bitcoin has experienced a decline of 1.28%.
It currently holds the top position in the CoinMarketCap ranking, with a live market capitalization of $590 billion.
The circulating supply of Bitcoin is 19,421,056 BTC coins, and the maximum supply is 21,000,000 BTC coins.
Based on technical analysis, Bitcoin is currently encountering resistance around the $31,000 level.
However, the cryptocurrency holds just above this level, at approximately $30,050.
A bearish candle on the daily timeframe indicates a strong potential for a bearish correction.
If Bitcoin breaks above the resistance level of $31,350, the next target could be around $32,500 or even higher, potentially reaching $34,150.
Bitcoin's price prediction is supported by various technical indicators, including the relative strength index (RSI) and the moving average convergence divergence (MACD), both signaling chances of a bearish correction.
The 50-day exponential moving average is acting as a support for the upward trend.
In terms of support levels, immediate support for Bitcoin can be expected at around $30,500 or possibly around $29,650.
A break below $29,650 may result in a decline toward $28,650 or even lower, reaching $27,900.
To navigate the market effectively, it is important to closely monitor the
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