Bitcoin Price Prediction as Market Cap Nears $900 Billion – Can BTC Maintain Its Momentum?
As Bitcoin (BTC/USD) commences 2024 with an impressive 2.47% rise in value, reaching $44,907 on January 2, the cryptocurrency market watches closely.
This increase not only highlights a significant trading volume of over $39 billion within 24 hours but also cements Bitcoin’s dominant position with a nearing $900 billion market cap.
With approximately 19.6 million BTC in circulation, gradually approaching its 21 million cap, the key question arises: Can Bitcoin maintain this upward momentum in a market that is constantly evolving and increasingly competitive?
In the technical realm, Bitcoin’s current trajectory reveals critical price levels that could dictate its short-term movement. The pivot point for Bitcoin is established at $44,500, with key resistance levels identified at $45,992, $47,150, and $48,195.
Should Bitcoin manage to break through these barriers, it could signal a continuation or even an escalation of the current bullish trend.
On the downside, immediate support levels are placed at $43,290, $41,645, and $40,520, providing potential floors to cushion any downward trends.
The Relative Strength Index (RSI) for BTC/USD is at 67, indicating a bullish sentiment but verging close to the overbought territory.
Read more on cryptonews.com
