Bitcoin Price Drops Back To $29,800 – Is It Likely To Go Back To $28,000?

Bitcoin (BTC) recently experienced a price decline after hitting a high of $30,575. The cryptocurrency experienced a temporary decline, hitting a low of $29,800 before recovering to break above $30,200. Can we expect a pullback to $28,000?

Bitcoin market price

At the time of writing, Bitcoin (BTC) is trading at $30,139.95, with a 24-hour trading volume of $16,796,011,757. In the last 24 hours, BTC has seen a slight price increase of 0.56%, and over the last week, it has seen a price increase of 6.67%. With a circulating supply of 19 million BTC, Bitcoin’s market cap is currently valued at $581,904,955,206.

Bitcoin’s fully diluted valuation (FDV), which represents the maximum market capitalization, is $631,693,503,000. However, it may take several years before the FDV is realized, depending on the BTC token issuance schedule.

Bitcoin’s recent performance has outperformed the global cryptocurrency market, which saw a 4.20% rise over the past week. BTC trading volume over the past 24 hours is $17,278,157,258, indicating a recent spike in market activity with an increase of 6.00% from the previous day.

While BTC’s all-time low price was $67.81, recorded almost 10 years ago on July 6, 2013, the current price is 44,252.91% higher than the all-time low. On the other hand, the highest price ever paid for BTC was $69,044.77, recorded over a year ago on November 10, 2021. However, the current price is -56.44% lower than the all-time high price. .

Despite trading in the overbought area of ​​the market, the risk associated with Bitcoin has decreased. Currently, sellers are driving prices down into the overbought region. Bitcoin (BTC) experienced a pullback after passing the $30,000 mark, which can be attributed to the market entering an overbought area.

Bitcoin Technical Analysis: BTC/USD Chart Analysis

Despite the initial pullback, the price of the cryptocurrency rallied to break the psychological price barrier of $30,000 and based on price indicators, the bullish momentum is likely to continue above the high of $31,000.

Additionally, Bitcoin is trading above the 50-day and 200-day moving averages. In trade, this indicates that the bulls will push the price above the newly formed high of $30,500. The Relative Strength Index (RSI) for the 14 period suggests that Bitcoin is still in the uptrend zone, with the 67 level suggesting that there is more room for the crypto asset to grow.

NEW‼️ #Bitcoin rally will continue through 2023, says Bank of America pic.twitter.com/evCgcfK5v3

— Bitcoin Archive (@BTC_Archive) April 12, 2023

The 200-day moving average remains a support level after experiencing a golden cross that has seen the price of BTC rally from its low of $19,000. However, we should expect a pullback to $32,000 after the price creates a double top pattern.

A Most Valuable Token (LHINU)

The price of Bitcoin has fallen to the psychological level of $30,000 and is expected to test or break the resistance level of $30,550. In response, the value of other cryptocurrencies is expected to rise, including Love Hate Inu (LHINU) tokens, with LHINU showing exceptional performance and driving further growth in value.

To take advantage of this possible price increase, it is recommended to participate in Stage 4 of the LHINU Presale, as there are less than two days left before it closes. By buy LHINU at this stage, you can secure your tokens before the price increases. In addition, Stage 5 of the Presale promises to bring significant development, so it is even more important to stay tuned and buy LHINU. The tokens are available for purchase at just 0.05 BNB, and with over $4 million already raised, you want to take advantage of this opportunity.

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