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- 1 Bitcoin is currently trading at $30815.
- 2 The price dropped by 0.62% in the last 24 hours.
- 3 BTC shows bullish momentum and is sustaining its gains above the $30500 level.
Bitcoin (BTC) impressed the market this month. Last week, the BTC chart showed an unusual consolidation between a narrow range.
However, the buyers are trying their best to rebound. If the price Breaks the level of $31480, then it is very likely to make the $35000 mark.
Bitcoin continues to trade near the major resistance, suggesting that the buyers are in no hurry to book profits, as they anticipate another leg higher. It is an early indication of a possible bull run in the upcoming sessions.
Bitcoin price surged by 1.23% over the last seven days. Notably, it tanked 55.37% from its peak price of around $69000 (its all time high) in a span of 12 months. As per the coin gecko, the community is bullish about Bitcoin.
On the 4-hour time frame, the price is range bound and is taking support from the 50-day moving average.
Technical Analysis
The MACD is in the positive region but the curve is sloping down. It indicates that the prices are likely to consolidate for some more time. The MACD line is at 976 points and the signal line is at 935 points on the daily time frame.
The RSI is near 65.50 and the 14-Day SMA line is at 68.00 points. However, RSI indicates that Bitcoin is in the overbought zone right now.
The Moving Averages are giving a positive interception between the 50-Day MA and 200-Day MA. The price is above both the 50 and 200-Day Moving averages indicating BTC is in a bullish trend right now.
Volume Analysis
Bitcoin’s 24-hour trading volume is $10,654,643,852 at press time. Meanwhile, a reduction of -35% in volume has been seen in the coin.
Conclusion
BTC is currently in a no-trading zone, it is consolidating in a narrow range. BTC price shows a neutral situation at the moment. Indicators including RSI and MACD are in the positive region but sloping a little bit and the price is taking support on 50-DAY EMA. If the price breaks the level of $31,490 it will be bullish and if it breaks the level of $29,500 it will be bearish.
Technical Levels
Support – The current support level is $29500.
Resistance -The current resistance level is $31500.
Disclaimer
The research given in this article is for informative and educational use only. Do not take this information as a financial or trading recommendation. Trading and investing have financial risks. Before creating any investment or trading decision, please consider your risk profile and circumstances.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
