The cryptocurrency market is notorious for its volatility, and Bitcoin, the foremost digital currency, is no exception. Recently experiencing a significant drop to around $29,000, investors and traders are keeping a close eye on potential shifts and key levels that could dictate the next phase of movement.
CoinMarketCap’s rankings still place Bitcoin firmly at the top, despite its 0.92% dip over the past day. With its maximum supply limit quickly approaching, the market could be in for some more surprises. Here’s a breakdown of the current situation and what to expect.
Bitcoin Price Prediction
The dominant cryptocurrency has been on a downward trajectory, recently bypassing the $29,000 mark. Its current position below the 50-day exponential moving average suggests that breaching the $29,250 mark could worsen the current momentum. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) echo this bearish sentiment.
Bitcoin’s immediate resistance is around the $29,050 level, and if it falls below this, it could provide lucrative short-selling opportunities. On the other hand, its foremost support stands near $29,000. Any further decline could push its value to $28,750. To the upside, the $29,400 and $29,600 levels look to be the main obstacles. Investors should keep an eye on $29,250 as any bearish patterns, such as a descending engulfing candlestick, or signals from the RSI and MACD, could mean a downtrend in the day’s trading session.
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Find the Best Price to Buy/Sell Cryptocurrency
Cryptonews offers a cryptocurrency price tracker to help you find the best price to buy or sell digital assets. Always do your research and remember to consider the risks of investing in cryptocurrencies.
