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- 1 Bitcoin options volume has observed a decline of over 39% in the past 24 hours
- 2 BTC price is currently observing a weak bullish momentum on the daily chart. It is currently trading near the value of $27181
Bitcoin has been a subject to a lot of drama like the ETF, SEC and many more. It has been constantly in a consolidated zone for a long time. With the recent CPI data coming Bitcoin observed a breakout to $27500. Meanwhile, with dominance of the Bitcoin getting higher and higher many are speculating a rise in the BTC price. The dominance of the BTC has risen to 50% while many are speculating it to go beyond 52% in the near future.
Bitcoin derivatives volume has observed a surge of more than 57% in the last 24 hours. The weighted funding rate of the asset is around 0.0002%. Meanwhile, with the rise in price one can observe a rise in the long positions taken by the traders.
Bitcoin has a market cap of $530 Billion and is ranked 1st in the cryptoverse. The volume of the BTC surged 33% in the intraday session. The volume to market cap ratio of the asset price suggests a weak consolidated trend in price.
Is The BTC Price Ready To Hit A High Of $30k?
Bitcoin is currently in a consolidated trend on the weekly technical chart. On coming to the daily chart the asset price is trading near the value of $27217 with a small drop in the intraday session. The upside trend of BTC price can see a halt near the value of $28000. Meanwhile, the downside trend of the asset price can be seen near $26500. BTC price is ready to cross above the 50 and 100 Exponential Moving Average. If it jumps above the threshold then a strong bullish momentum can be seen in the future.
The RSI of Bitcoin is near 59 suggesting its presence in the oversold zone. There is a positive slope in the BTC hinting towards a bullish momentum.
Conclusion
Bitcoin is currently observing a strong dominance in the market which can surge up to 52%. BTC price is currently trading in a weak bullish momentum but can observe a new high in the near future.
Technical Levels
Major Support: $26500
Major Resistance: $28000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
