Bitcoin Price Prediction as BTC Starts Forming Bearish Chart Pattern – Time to Sell?
Bitcoin (BTC) price is currently trading at $30,450, unable to break above the psychological level of $31,000.
The formation of a bearish chart pattern suggests a potential downward trend in the near term.
In this Bitcoin price prediction, we will analyze the market conditions and explore whether this bearish pattern presents a buying opportunity for investors.
The current price of Bitcoin is $30,417, with a 24-hour trading volume of $12.6 billion.
Over the past 24 hours, Bitcoin has experienced a decline of 1.28%.
It currently holds the top position in the CoinMarketCap ranking, with a live market capitalization of $590 billion.
The circulating supply of Bitcoin is 19,421,056 BTC coins, and the maximum supply is 21,000,000 BTC coins.
Bitcoin Price Prediction
Based on technical analysis, Bitcoin is currently encountering resistance around the $31,000 level.
However, the cryptocurrency holds just above this level, at approximately $30,050.
A bearish candle on the daily timeframe indicates a strong potential for a bearish correction.
If Bitcoin breaks above the resistance level of $31,350, the next target could be around $32,500 or even higher, potentially reaching $34,150.
Bitcoin's price prediction is supported by various technical indicators, including the relative strength index (RSI) and the moving average convergence divergence (MACD), both signaling chances of a bearish correction.
The 50-day exponential moving average is acting as a support for the upward trend.
In terms of support levels, immediate support for Bitcoin can be expected at around $30,500 or possibly around $29,650.
A break below $29,650 may result in a decline toward $28,650 or even lower, reaching $27,900.
To navigate the market effectively, it is important to closely monitor the $31,000 level as it could provide a significant indication of a potential buying trend.
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