Bitcoin Price Prediction as BTC Falls 1.4% in 24 Hours – Is the Sell Off Over?
Bitcoin, currently trading at $30,500, experienced a slight decline of 1.4% within the past 24 hours.
However, there are promising indications that the sell-off may reach its conclusion.
The cryptocurrency surpassed the minor resistance level at $30,400, suggesting a potential continuation of its bullish bias.
With this development, investors are eager to determine what lies ahead for Bitcoin.
The current price of Bitcoin stands at $30,523.10, with a trading volume of $13.5 billion over the past 24 hours. In the last 24 hours, Bitcoin has experienced a nearly 1% decrease in value.
It currently holds the top position in CoinMarketCap’s ranking, with a live market capitalization of $593 billion.
The circulating supply of Bitcoin consists of 19,428,268 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
Analyzing the technical aspects of Bitcoin, we can observe an upward trajectory following its breakthrough of the resistance level at $30,500.
On the four-hour chart, Bitcoin found support along the upward trend line near the $30,400 mark.
The formation of a series of Doji candles above this level, along with a bullish engulfing candle, has triggered a bullish rebound in the price of Bitcoin.
To gain further insights, we can examine the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
The RSI shows a steady presence in the buying zone, indicating positive buying pressure, while the MACD demonstrates diminishing histograms compared to previous readings.
These indicators suggest a potential weakening in bullish momentum.
That being said, on the upside, Bitcoin has immediate resistance around the $30,950 level or, more precisely, the $31,000 level.
A bullish break above this level can potentially push BTC toward the $31,500 level. Conversely, a break below the $30,400 level could drive BTC down toward the $30,000 level.
The key point to focus on today is the $30,400 level. As long as Bitcoin stays above this, we can expect a continuation of the bullish trend in Bitcoin.
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