The leading cryptocurrency, Bitcoin, has recently observed a minor rise of 1% in its value, stirring the crypto community into questioning the optimal timing for investments. The current price lies at $29,197, and a whopping trading volume of $12.2 billion in the last 24 hours reinforces Bitcoin’s undisputed dominance, with a market capitalization of $568 billion. Out of a finite store of 21 million coins, approximately 19,458,406 Bitcoin circulate the crypto markets worldwide.
Observers recognize a bearish tilt in Bitcoin’s trading after bypassing the threshold of $29,250. An erratic trading pattern materialized during our Asian session briefing, traversing an upper boundary of $29,600 and a lower limit of $29,250. A bearish hint surfaced beneath the 50-day exponential moving average, suggesting a potential surge in Bitcoin’s downward price trend if the $29,250 level gets breached.
On reviewing key technical metrics such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both lean towards bearish, mirroring prevailing sentiments. Current hurdles for Bitcoin phase around the $29,250 mark, with indications of a promising short position opportunity if there is any candle close beneath this figure. On the flip side, an immediate support orbits near the $29,000 level for Bitcoin.
A breakout below this belt may further nose-dive the Bitcoin’s price to the $28,750 mark. Conversely, overcoming the $29,250 resistance may introduce the next noteworthy barrier at $29,400. Looking northward, the $29,600 mark is predicted to pose noteworthy challenges for Bitcoin.
Conclusively, the crypto traders are urged to keep a vigilant eye on the $29,250 level, predominantly for any formation of a bearish engulfing candle, candle closings below the 50 days moving average, and other bearish implications such as the RSI and MACD that insinuates a potential sell-off trend today.
As we anticipate the future, our top 15 cryptocurrencies to watch out for in 2023 are being meticulously curated, equipping you with the latest updates and insights on the upcoming ICO projects and alternative cryptocurrencies.
Despite this, potential investors are reminded that the crypto market is a high-risk high-reward investment that is prone to volatility; hence it is prudent to conduct extensive research before making any investment decisions.
Source: Cryptonews
