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BTC Price Still Consolidating Around $29,000

The Bitcoin worth prediction continues sideways motion at present at $28,966 after one other vital rejection from $29,239.

Bitcoin Prediction Statistics Data:

  • Bitcoin worth now – $28,966
  • Bitcoin market cap – $552.4 billion
  • Bitcoin circulating provide – 19.0 million
  • Bitcoin whole provide – 19.0 million
  • Bitcoin Coinmarketcap rating – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key ranges:

Resistance Levels: $35,000, $37,000, $39,000

Support Levels: $23,000, $21,000, $19,000

Looking on the each day chart, after a critical downtrend, BTC/USD is nonetheless flat, and buying and selling sideways however has seen a unstable transfer, peaking at round $28,966 earlier than rapidly dropping to $28,500 beneath the 9-day and 21-day shifting averages. Therefore, one can say that the Bitcoin (BTC) worth is probably to proceed with sideways motion earlier than dropping beneath the channel.

Bitcoin Price Prediction: What could possibly be the Next Direction for Bitcoin?

According to the each day chart, the Bitcoin worth is buying and selling at $28,966 with a slight acquire of 1.29%. However, the prevailing development is starting from increasing volatility as the primary digital asset continues to consolidate in a bearish flag sample. Meanwhile, a breakdown from this sample is supposed to proceed within the course of the earlier development. On the opposite, merchants count on BTC/USD to rise above the 9-day and 21-day shifting averages earlier than shifting in direction of the potential resistance ranges at $35,000, $37,000, and $39,000.

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Furthermore, ought to the Bitcoin worth break beneath the decrease boundary of the channel; the value might head in direction of the $25,000 very important assist. An extra low drive may ship the value to $23,000, $21,000, and $19,000 assist. The technical indicator Relative Strength Index (14) is seen shifting sideways beneath the 40-level, which makes the market to be indecisive in the intervening time.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

On the 4-hour chart, we will see that the bulls are probably to step again into the market, buying and selling throughout the 9-day and 21-day shifting averages. Meanwhile, the $28,000 and beneath could also be visited if BTC/USD breaks beneath the decrease boundary of the channel.

BTCUSD – 4 Hour Chart

However, if the consumers can push the market to the north, merchants might count on a break in direction of the higher boundary of the channel. Breaking the talked about barrier might additional enable the bulls to contact the resistance stage of $30,000 and above, however the technical indicator Relative Strength Index (14) is shifting beneath 50-level, indicating a sideways motion.

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