Bitcoin, the pioneering cryptocurrency, has once more seized the world’s spotlight by conquering the formidable $30,000 resistance barrier. A staggering $10 billion influx has propelled this surge, reflecting renewed faith from both institutional and retail investors.
With this substantial breakthrough of resistance, market analysts are heralding the emergence of a new bull market phase. As the globe closely monitors Bitcoin’s path, the prevailing question lingers: How high will its ascent be this time?
Current Metrics Overview
Currently, Bitcoin is trading at a respectable $29,623. The digital gold has exhibited an impressive 24-hour trading volume of around $21 billion, indicating a more than 3% increase within this period.
Bitcoin stands proudly at the summit, asserting its dominance in the cryptocurrency market by maintaining the #1 rank on CoinMarketCap. Its live market capitalization is an astonishing $578 billion.
When examining its supply metrics, there are presently 19.52 million BTC coins in circulation, steadily approaching the maximum supply cap of 21 million coins.
Bitcoin Price Prediction
When we scrutinize the present technical landscape of Bitcoin, a number of critical metrics come into view, shedding light on its potential trajectory. The pivotal point, a vital technical threshold, is presently situated at $29,350.
As we navigate the pricing landscape, Bitcoin encounters its immediate hurdle at $30,285. Subsequent resistance levels are distinctly positioned at $31,075 and $31,820 in succession.
On the downside, the cryptocurrency has firmly established its immediate support at $28,200. Delving deeper, subsequent support tiers can be identified at $27,285 and $26,555.
Shifting our attention to the realm of technical indicators, the Relative Strength Index (RSI) prominently stands out. Currently, the RSI value for Bitcoin registers at 68.
This holds significance, as an RSI value exceeding 70 typically indicates that the asset might be in an overbought condition, suggesting a potential correction may be on the horizon.
Conversely, an RSI below 30 would signify an oversold state. In the case of Bitcoin, with the RSI hovering just below 70, it indicates a strong bullish sentiment.
Nevertheless, traders should remain vigilant, as this also hints at the imminent likelihood of a price correction.
Adding depth to our technical analysis is the 50-day Exponential Moving Average (EMA), yet another pivotal metric. Presently, Bitcoin’s EMA is valued at $28,700.
In combination with the previously mentioned indicators, these metrics offer a holistic perspective on Bitcoin’s current market status and the possible directions it may take in the future.
Fifteen Cryptocurrencies to Keep an Eye on in 2023
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