Bitcoin has been the talk of the crypto community lately as its price has recently retraced back to an important level of support at $34,000. This is amidst a range of fundamental changes in the cryptocurrency landscape, from the U.S. SEC’s ongoing review of Bitcoin ETP proposals to the U.K.’s stringent crypto regulations. However, the leading digital currency continues to show its resilience, bolstered by significant asset transfers from FTX’s bankruptcy estate.
Investors and traders are now closely watching for the next possible surge as they hover around this pivotal pricing point. With the market’s dynamics constantly evolving, the question on everyone’s mind is: what is the next step for Bitcoin?
Current Price and 24 Hour Movement
At the moment, Bitcoin is trading at $33,960 and has a 24 hour trading volume of $16.5 billion. Its market capitalization stands at a staggering $663 billion, with an estimated circulating supply of 19.52 million BTC. This number is rapidly approaching the maximum of 21,000,000 BTC.
Bitcoin Price Prediction
The pivotal point for Bitcoin is calculated at $33,920 and represents the 23.6% Fibonacci retracement level. On the upside, the immediate support is $35,185, followed by $36,100 and $36,975. On the downside, $33,130 (38.2%) is an immediate support, with further supports identified at $32,460 (50% Fibonacci Retracement Level) and $31,825 (61.8%) Fibonacci retracement level).
Technical Indicators
The RSI stands at 60, indicating a slightly bullish sentiment and suggesting that buying momentum is still prevalent. The Stochastic Oscillator (STOCH), is currently at a high of 92.327, and the ADX(14) registers a value of 62.675, indicating a strong buying signal. Meanwhile, the ATR(14) has a value of 1288.0194, showing high volatility. The average 50 EMA is currently set at $33,760, and is a dynamic level of support or resistance.
The 23.6% Fibonacci retracement level is a strong bullish indicator above $33,920. A downward breach of this level could lead to selling pressures, but market participants may see a short-term increase in the market if Bitcoin tests the resistance at $35,185 in the coming days.
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