Bitcoin Price Prediction
• Currently, Bitcoin (BTC) is facing a significant obstacle in the form of double top resistance at $31,000.
• Technical analysis suggests that a bearish correction may follow if the resistance holds.
• Immediate support levels for Bitcoin can be found at $29,600 and $28,250.
Current Bitcoin Price
At present, the price of Bitcoin stands at $30,273 with a 24-hour trading volume of $16.4 billion. Additionally, it has a live market capitalization of $587 billion and circulating supply of 19,412,850 BTC coins.
On the daily chart, BTC/USD is meeting considerable resistance near the $31,000 mark due to a double-top pattern accompanied by doji and spinning top candles. This indicates weakening bullish sentiment among buyers and could lead to a minor corrective move in Bitcoin’s price. If this scenario plays out, immediate support can be found at around $29,600 with subsequent support at around $28,250 or even lower at approximately $26,750. Furthermore, technical indicators such as RSI and MACD are currently in neutral zones which suggests the possibility of a corrective move in the near future.
If Bitcoin breaks above its current resistance level and sustains its upward trajectory then it could potentially target prices around $32,500 followed by an even higher target of approximately $34,000.
In conclusion Bitcoin’s short term outlook appears uncertain as it faces significant resistance from its current double top patterns along with weakening bullish sentiment among buyers. However there remains potential upside if it manages to break through these obstacles successfully and sustain its uptrend in coming days or weeks ahead..