- Bitcoin has slipped to the 3rd rank according to the trading volume in the cryptocurrency market.
- The BTC crypto price is trading over the key moving average, which showcases the bullish trend.
On a daily time frame, the Bitcoin price has been struggling in a parallel channel at the top. At the beginning of May, the BTC price slipped below the channel; it grabbed liquidity and bounced back to the channel. After grabbing the liquidity, the BTC price jumped by 21% in a few weeks, and the price extended to the upper level.
Talking about the swings, the BTC price reached an all-time high in mid-March and showed short-term profit booking. The price tried again to reach the last swing high but failed. It tried thrice, but the sellers were strong enough and dragged down the price.
When writing, the Bitcoin price traded at $67.30K with an intraday loss of 0.93%. The market capitalization is $1.32 Trillion, and the 24-hour trading volume is $41.32 Billion.
Bitcoin Price Prediction on 1-D Timeframe
The BTC price has undergone a consolidation phase after a strong bullish momentum. For the past few months, the digital asset price has been facing resistance from the $72.50K mark.
Suppose the buyers manage to lift the price over the major resistance level of $72.50K and sustain it; then the price would record an all-time high. If the trading volume supports the buying momentum, then a bullish momentum for the long term can be expected.
On the other hand, if the BTC crypto price falls to the major support line and triggers a breakdown, the sellers may become confident and might lead the trend. Another support level would be the $52K, and the price may take support at this level.
Price vs. Volume Analysis
Since the beginning of March, the trading volume has declined, and the price has been in a consolidation phase. In the past 5 days, the trading volume has dropped by 45%, and the BTC price has declined by 7%. Assuming the trading volume increases, it may positively impact the price.
Sharp Decline in Development Activity
The data shows that development activity dropped by around 40% from the last week of April but bounced back a few days ago. However, the price hasn’t shown any great changes. If the development activity shows enormous positive changes, it may affect the price positively.
Conclusion
Bitcoin price has been stuck in a parallel channel at the top after a strong buying momentum. If the digital asset price triggers a breakout from the channel with the rise in trading volume, it may gain bullish momentum in the long term and record a new all-time high. Alternatively, if the BTC price slips below the channel and is sustained, then sellers may lead the trend further.
Technical Levels
Bitcoin price might face resistance from the $72.50K and $80K if it gains bullish momentum. If the price falls, it may take support on the $60K and $52K levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.