- Bitcoin price is currently in a correction mode and can soon revert to the uptrend. The price of the coin may soon see a new high.
- Technical indicators of BTC suggest a strong upside momentum in price. There is a positive crossover in the moving average which can push the price to a new high.
BTC crypto price is currently in a consolidated mode but can soon revert to the uptrend. Bitcoin price is currently trading near the value of $4415 and is trading with a loss of 1.5%. The volume of Bitcoin along with the market cap has seen an increase in the past few days.Volume to market cap ratio for the coin price suggests a strong upside momentum for the future. If the asset ratio goes over 0.8 then a strong momentum can be seen.
The number of BTC held in the exchanges is seeing a slow and steady increase. One might say that BTC crypto price can cross its ATH soon. One should position their funds in BTC as per the price action and risk adversity
BTC Crypto Price Technical Indicators Favours The Consolidated Momentum
Bitcoin weekly technical chart highlights a slow uptrend for the upcoming weeks. On the daily chart, the BTC coin price is seeing a breakout from the consolidation zone. The price of Bitcoin is currently trading above the 50 and 100 Daily Moving Average, with a positive crossover. The 100 DMA line is near $3818, making it a temporary support zone for the price. It may soon see a a positive crossover which can push the price higher. BTC price bullish momentum might face hostility while going up near the value of $50000. In Contrast , the support for the coin price can be seen near $30000.. If the price goes above the $50k then a strong upside momentum can be seen.
RSI (Bearish): RSI for BTC is near 57.51 while highlighting its presence in the overbought zone. There is a negative slope formation in RSI suggesting a downtrend in the price. The overall sentiment of the RSI is bearih
Conclusion
BTC coin price is currently seeing a consolidated momentum but can soon revert to the uptrend. Retailers and inventors are positioning in the BTC for the gains. One should do their due diligence before investing.
Technical Levels
Major Support:$35000
Major Resistance:$50000