Bitcoin Price Prediction: Will BTC Touch The $28000 Level?
- Bitcoin price is currently trading at $29308.00 with a price rise of 0.31% in the last 24 hours.
- BTC fell below $29000 following the announcement by Binance CEO Changpeng “CZ” Zhao.
Bitcoin price has been consolidating within a narrow range for a long time as of now it gave a breakdown and taking support on 50 SMA. However, the main reason behind this fall is the private conversation between a wall street journal and Binance CEO Changpeng “CZ” Zhao. In the conversation he reveals that the affilates conducted wash trading several years ago.
Bitcoin is the most popular decentralized cryptocurrency that was introduced in 2009. It was the first cryptocurrency that gave an edge over other cryptos. However, Bitcoin also created a whole new industry for the world and paved the way for many investors and traders. The current market cap of BTC is $588,827,897,012 with a circulating supply of 19 million BTC.
Its 24-hour trading volume is $8730935902 at the present time. Meanwhile, its volume has decreased by -13.00% in the crypto market. However, Bitcoin’s price has dropped by -2.18% over the last seven days. It has also plunged 57.53% from its peak price of around $69,000 (its all-time high) in 12 months. However, the current Bitcoin dominance is 48.4% on the market.
Technical Analysis Of Bitcoin Price
Bitcoin (BTC) is trading above the 200-day and 50-day moving averages, which are bullish indicators. However, the crypto is currently testing the 50-day moving average as a support level. The future direction of the crypto will depend on whether it rebounds from the 50-day moving average or breaks below it.
Source: Bitcoin USD.1D by TradingView
The MACD line is at -49 and the signal line is at 149, both below the zero line, indicating that the MACD is moving into negative territory. The signal line crosses below the MACD line and continues to decline.
The RSI line is at 43.83, which implies that the crypto is approaching the oversold area. Furthermore, the 14-day Simple Moving Average (SMA) line is at 50.47, above the RSI line, suggesting the price trend moving into the negative zone.
The Supertrend indicator gives a green signal as of now and the price is currently above it.
Conclusion
Bitcoin is trading sideways from a long time on a daily timeframe. It could start a bearish momentum if it breaks down the 50 moving average. However,if it drops below current level then it could fall to 28000 or lower in the near future. Popular indicators such as RSI and MACD are heading Downward. Super trend and Moving Averages suggest the trend is positive as of now. However, investors should be careful and monitor the price action closely as the market can be volatile and unpredictable.
Technical Levels
- Support – The current support levels are $28800 and $27424.
- Resistance -The current resistance levels are $29750 and $30441.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading involves risk. Please assess your situation and risk tolerance before making any investment decisions.
