Bitcoin(BTC) pierce at the press time is trading around $23,088.04 with a drop of 1.82% in the past 24 hours. While the asset has recorded marginal gains in the past 7 days of 0.24% and surged more than 17.93% in the past 30 days. The market cap is also heading strongly towards $450 billion, currently residing at $441.25 billion with a daily trading volume of $24.36 billion.
Bitcoin (BTC) Price Analysis
- BTC price ever since dropped hard during the mid-June rebounded and trading within ascending parallel channel
- The asset experienced a couple of rejections, in attempting to breakout form the parallel consolidation
- However, the asset appears to have halted just before reaching the middle bands of the channel and hence may flip and reach the resistance close to $25,000 until the weekend
- As the price reaches close to these levels, the fear of rejection may haunt the rally and hence if the bulls maintain their stability, then the asset may bounce back after a brief pullback
- Therfore, by the end of the week, the BTC price is expected to surge beyond the local highs at $24,600
Bitcoin (BTC) Technical Analysis
|Technical Indicators||Value(STF/HTF)||Action (STF/HTF)|
|Relative Strength Index(RSI)||44.18 / 53.38||Sell / Neutral|
|MACD||-47.10 / 515.6||Sell / Buy|
|Average Directional Index(ADX)||33.79 / 18.45||Buy / Neutral|
|Average True Value(ATR)||158.79 / 1009.29||Less Volatility / Less Volatility|
|Bull-Bear Power||31.33 / 421.20||Buy / Buy|
|Pivotal Levels||Short Term||Long Term|
Bitcoin’s (BTC) price is extremely bearish in the short term as most of the indicators are pointing towards a ‘Sell’ signal. However, the asset is expected to stabalize in the next couple of weeks as the long-term projections display a neutral behaviour.