As the price of Bitcoin hovers around the significant psychological threshold of $31,000, a plethora of investors are taking the opportunity to weigh the potential benefits and risks of entering the market. Lingering close to this precarious level, Bitcoin’s next move has become the market’s high-stakes guessing game.
The current market value of Bitcoin is around $30,763, exhibiting a drop of 1.45% over the past 24 hours, while its trading volume over the same period amounted to about $13.6 billion. It’s noteworthy that Bitcoin still dominates the CoinMarketCap rankings, sitting pretty with a market capitalization of approximately $597.4 billion. It’s also worth mentioning that out of a maximum of 21,000,000 BTC, around 19,419,987 BTC currently circulate in the market.
Technical analysts foresee the cryptocurrency experiencing resistance on the cusp of $31,000, with the price currently teetering slightly above this dollar mark. It’s fascinating to observe the bullish engulfing candlestick on the daily chart, suggesting a potent probability of an upward trend. Bitcoin faces a significant hurdle, a resistance of roughly $31,350. Should it break through this blockade, we could possibly see it lunge towards $32,500. Or, dare we dream, even higher at $34,150.
On the other side of this financial coin, immediate support for Bitcoin might hover around $30,500 or, in a more pessimistic scenario, possibly at $29,650. Sinking lower than $29,650 could hint at a gradual slide towards $28,650 or potentially an unsettling $27,900.
So, this makes the $31,000 level the market’s object of attention. Its behavior could trigger a buying trend or elicit a reverse response. Technical indicators, including the relative strength index (RSI) and the moving average convergence divergence (MACD), seem to lean towards the former, with a bullish sentiment.
Meanwhile, keep one eye trained on our carefully selected top 15 digital assets to watch in 2023. Assembled by the experienced folks at Industry Talk and Cryptonews, it helps you gain professional recommendations and valuable insights, allowing you to stay a step ahead in the constantly evolving world of cryptocurrencies.
Disclaimer: This article doesn’t convey any direct financial advice. Cryptocurrencies are tumultuous investments with inherent risks. Conduct your research carefully before investing.
Source: Cryptonews
