Bitcoin’s steady performance, along with large trading volumes, suggests a strong position as the leading cryptocurrency in the market.
Trends have reversed to Uptrend again after price price broke above $60K resistance and out of Symmetrical Triangle pattern
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Bitcoin (BTC) Price Analysis
Current Price: $73,780
Market Cap: Approximately $1.45 trillion
24-Hour Trading Volume: $40 billion
Circulating Supply: 19.5 million BTC
Total Supply: Capped at 21 million BTC
The price is currently facing rejection at the horizontal resistance zone. Watch closely for a potential breakout or breakdown.
Next Medium term target is $90k level.
Weekly Price Overview
Over the past week, Bitcoin has shown slight volatility but remains strong overall. Price fluctuations have seen a low near $69,000 and a high approaching $73,800.
Trend: Short-term trend is Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels.
Support and Resistance: Nearest Support Zone is $56,500.00, then $50,000.00. Nearest Resistance Zone is $72,000.00.
Key Indicators
Relative Strength Index (RSI): Currently near 63t.
Moving Averages: The 50-day MA sits below the 100-day MA.
News Roundup
Recent discussions center around Bitcoin’s adoption among institutions as a reliable store of value, alongside increasing interest due to inflationary concerns globally.
Regulatory developments are in focus, with analysts watching for impacts on the crypto’s near-term performance.
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