- Bitcoin price prediction highlights the bullish sentiments of the market since the start of 2023.
- BTC token reported a year-to-date profit of 81%.
- Bitcoin price is consolidating near an important resistance of $31,500
Bitcoin’s (BTC) price prediction highlights the bullish trend of the market which began at the start of the year 2023. After getting a severe correction from the all-time high, BTC price took support from $15,500. From there, the bulls delivered a bullish recovery of 100% to its current market price. At present, the BTC token is battling the bears to break the resistance of $31,500.
At the time of writing, the current market price of BTC crypto is $29,939.65. The 24-hour trading volume jumped 69.03%. The market is down 1.10% in the last 24 hours. The overall market cap of Bitcoin is $582,254,616,056.
Can Bitcoin Break the Resistance to Reach $35,000?
Source: BTC/USDT 1D Chart by TradingView
Bitcoin’s (BTC) price prediction reveals the bullish market structure of BTC crypto since the start of the year 2023. The price action created a series of higher highs and higher lows. The BTC price bounces from an ascending trendline, which acts as significant support. The recent developments reveal that the price underwent a pullback from the resistance.
The recent correction led to the development of a falling wedge pattern. The BTC price bounced from the support of $25000 and broke the falling wedge to the upside. This propelled the BTC price by 22% to a resistance level of $31,500. At present, the market is consolidating in a range-bound condition at the resistance level.
Can BTC Price Maintain its Bull Trend?
Source: BTC/USDT by TradingView
The 4-chart delivers information about the current market situation. The BTC crypto is stuck between the range of $31,500 and $29,800. The price bounces between support and resistance. The market volatility faded with the momentum. The market has been trading in this range since June 22, 2023. This means that volatility is just around the corner. The BTC crypto is taking support from 200 EMA.
The investors are waiting for the price to escape the range and decide a direction in the short term. Currently, there are two possibilities in the short term. If the bulls break the resistance and sustain above it, the BTC price may have a better chance of reaching at least $35,000 in the short term. On the contrary, if the price breaks below the resistance, expect a decline to the nearest support of $27,100.
RSI: The RSI indicator is currently at 43.40. It represents bearish conditions where the price may continue to fall until RSI crosses above 50. Aggressive sell-off may happen only if RSI goes below 30
MACD: MACD made a bearish crossover and the indicator has crossed below the 0 line. However, the MACD and the signal lines are moving adjacently. This means the market is consolidating with a lack of momentum.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion:
Bitcoin’s (BTC) price prediction highlights the bullish trend of the market, which began at the start of the year 2023. The BTC token has been consolidating near resistance for the last few days. It’s best to wait for the price to make a sustained break of the resistance before taking a new position. Until then, investors are advised to observe the range for the breakout. A proper risk management strategy can help keep losses in check.
Technical Levels
- The nearest support level: $29,800
- The nearest resistance level: $31,500
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
