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Bitcoin Price Prediction as BTC Spikes Up 6% – Time to Buy?

Arslan Butt
Last updated: | 2 min read

Bitcoin seems to be on an upward trend in the ever-fluctuating world of cryptocurrencies. Currently, Bitcoin is priced at $27,189, reflecting a nearly 3% rise in the last 24 hours and over 6% in the last seven days. The trading volume has reached an astonishing $10.4 billion.

Cementing its top position, Bitcoin holds the #1 spot on CoinMarketCap with a live market cap of $529 billion. 

With a current circulating supply of 19,489,231 BTC coins, it remains a point of interest for investors and enthusiasts alike, especially as it inches closer to its max supply cap of 21,000,000 BTC. 

The question many are asking now: is it the right moment to invest?

Bitcoin Price Prediction 

From a technical perspective, Bitcoin has breached the long-standing resistance level of $26,800. This specific breach can be attributed to the “double tap” pattern, visible in the four-hour timeframe. 

Alongside this, the downward trend line, which previously capped Bitcoin’s upward movement around the $26,800 mark, has been surpassed, suggesting a potential continuation of the bullish trend.

Notably, on the four-hour chart, a dominant bullish candle has emerged, overshadowing previous candles. This hints at a robust bullish momentum for Bitcoin in the market. 

Given this trend, Bitcoin’s immediate resistance or target appears to be set around the $27,500 mark. If the momentum continues, Bitcoin could test levels near $27,900. 

Beyond this, an unwavering bullish run has the potential to drive Bitcoin towards the $28,800 level.

Bitcoin Price Chart – Source: Tradingview

Conversely, on the downside, Bitcoin’s key support is around the $26,800 level, the same level previously served as a resistance. Presently, it is anticipated to act as a support for Bitcoin. 

Should there be a drop below this level, Bitcoin could face the next support at approximately $26,300, and then potentially at the critical $26,000 mark – a psychological support that might restrict further declines.

In conclusion, the pivotal level to monitor is $26,800. A sustain above this suggests a bullish continuation, while a dip below it may warrant caution and potential short positions.

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Find The Best Price to Buy/Sell Cryptocurrency

Crypto Price Tracker – Source: Cryptonews

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.