• Bitcoin (BTC) is facing double top resistance at $31,000 level.
• The presence of doji and spinning top candles indicates weakening bullish sentiment.
• If Bitcoin successfully breaks above the $31,000 mark, the next target to watch is around $32,500.
Bitcoin Price Prediction
Bitcoin (BTC) currently faces a significant obstacle in the form of double top resistance at the $31,000 level. This resistance has previously acted as a strong barrier, raising concerns about potential bearish corrections in the near future. In this Bitcoin price prediction, we will examine whether this resistance will hold or if Bitcoin will break through and sustain its upward trajectory.
Current Price of Bitcoin
As of today, the current price of Bitcoin stands at $30,273 accompanied by a 24-hour trading volume of $16.4 billion. Over the past 24 hours, Bitcoin has experienced a slight decline of approximately 1%. It holds the top rank on CoinMarketCap with a live market capitalization of $587 billion and circulating supply of 19,412,850 BTC coins while maximum supply is capped at 21 million BTC coins.
Price Prediction Analysis
On the daily chart for BTC/USD pairings there is significant resistance near the $31k mark which is reinforced by a double-top pattern. The presence of doji and spinning top candles along with this resistance level suggests weakening bullish sentiment and exhaustion among buyers which points towards minor correction in price movements. Immediate support can be found around $29600 after which further downside movement may occur targeting key support at 28250 coinciding with 50-day exponential moving average (EMA). If price drops below 28200 then subsequent support could possibly be 26750 .
RSI & MACD Indicators
Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are both currently in neutral zone indicating that bitcoin is neither overbought nor oversold; reinforcing potential for corrective move in near future . If however bitcoin successfully breaks above 31000 mark then next target to watch would be 32500 followed by 34000 if momentum continues .
Conclusion
In conclusion , it appears that bitcoin has encountered significant barrier in form of double top resistance at 31000 level due to weak bull sentiment . Minor correction may follow but overall outlook remains positive with successful break above 31000 leading to next targets being 32500 followed by 34000 if momentum continues .