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The price of Bitcoin has given a shred of hope to traders as they now wonder how Bitcoin works.‘s price will behave this week. Is BTC reaching the $25,400 target this week?
To understand the price chart of any cryptocurrency, one should always take a closer look at the situation. So let’s go ahead and do that.
Bitcoin price trend in the last 7 days
BTC‘The price of s has been fluctuating for the past few days. In the last week alone, we have seen Bitcoin‘The price of s moves within the range of $21,000 to $24,600. These extreme moves symbolize just how volatile and fickle Bitcoin‘s price can be.
Today, BTC is trading at around $24,505. Its price witnessed a drop of 0.92% in the last 24 hours. However, its price has risen close to 12% in the last seven days. BTC‘The current market capitalization of s was around $472.9 billion at the time of writing. Compared to its previous figure, there has been a drop of around 0.54% in its market cap. In the last 24 hours, BTC‘Trading volume saw an increase of around 50.1% and currently sits at around $28.5 billion. While BTC‘The current total circulating capital is around 19 million BTC.
Bitcoin‘The all-time high was around $66,788 in November 2021. Bitcoin is currently trading 62% below its all-time high.
A close study of BTC‘SMA and RSI
In financial markets, moving averages and the relative strength index are crucial tools. The main job of a moving average is to represent price action over a given period. Moving averages are primarily based on past price actions, making them a lagging indicator.
On the other hand, the Relative Strength Index is a popular tool to understand if an asset is oversold or overbought.
For more than a month, Bitcoin‘The 200-day simple moving average has been signaling BUY. BTC‘The 200-day SMA is now around $19,690. Therefore, BTC is currently trading above its 200-day SMA. This means that BTC is in a bullish movement.
The story is similar to BTC‘50-day SMA. Since the second week of January 2023, BTC‘The 50-day SMA has been signaling BUY. BTC currently‘The 50-day SMA is around $21,000. BTC‘The current trading price is around 14% higher than its 50-day SMA. This, again, means a bullish move for BTC.
BTC‘The current RSI was at 63 at the time of writing this article. This means that the BTC market is currently in a neutral position.
According to technical experts, in the next month, BTC‘The 50-day SMA is set to cross its 200-day SMA. BTC‘The 200-day SMA is forecast to break above $20,000 in March 2023. During the same time, BTC‘The 50-day SMA is anticipated to rise above $24,000. This means that there is the possibility of a “golden cross” in the future. This further strengthens the forecast of a strong bull market soon.
Bitcoin‘s Price trend in the last 3 months
In the last three months, Bitcoin‘the price of s has been charged upwards. In the last month, the currency‘The value of s has increased by 18.5%. In the last three months, the currency‘The value of s has increased by almost 50%. This shows that the recent trend of the Bitcoin market has been bullish.
However, if we look at BTC‘s price of a year ago, would give a different image. Around the same time in 2022, one Bitcoin was trading at around $40,000. Today, one Bitcoin is trading at around $24,505. This means that over the past year, there has been a drop in BTC‘s price by almost 40%. Therefore, the long-term chart for Bitcoin‘The price of s until today has been depreciating.
Over the past three months, Bitcoin has ranged from around $15,730 to $24,620. The average trading price of Bitcoin for these last 3 months has been around $20,170. Bitcoin reached an all-time high of $24,620 in the last 3 months in February 2023. While the all-time low of $15,730 in the last 3 months was recorded in November 2022.
Bitcoin is a highly volatile asset. However, in recent times Bitcoin has been showing low volatility. The current 1-month volatility rate for Bitcoin is 3.70. This means that the currency has been more stable and constant than usual. This also means that currently, Bitcoin is prone to lower risk. Low volatility also indicates that an asset is less likely to move dramatically.
Will Bitcoin touch $25,400 this week?
To understand more about Bitcoin‘s the current price trend, come on‘Let’s look at your support and resistance levels. These two figures often help to get more information about a cryptocurrency.‘s price chart
Bitcoin‘The current support levels are $24,000, $23,745, and $23,189. On the other hand, Bitcoin‘The current resistance levels are at $24,349, $25,200, and $25,400.
Bitcoin‘The current trading price is still within the important resistance band of $24,349 and $25,400. This $25,400 is the level for a potential BTC breakout to occur. In order to confirm this breakout, the BTC weekly candle would need to close above $25,400. If its weekly candle closes above the estimated $25,400, then there is a chance that the BTC price will break above $25,400.
However, if the close of the BTC candle does not‘If it crosses $25,400, then its price can drop to around $23,000.
Final words on Bitcoin
Bitcoin-based‘s price trends in the recent past, it seems that it is still heading upwards. According to most of its crucial indicators, there is a possibility of continued bullish movement in Bitcoin.‘s future.
The possibility of a “golden cross” next month increases your chances of heading for a bullish move. If that happens, we could see a price increase of over $25,400.
However, the closing prices of Bitcoin this week will be of paramount importance. Because they will confirm if BTC‘The price of s will hit $25,400 or fall below $23,000.
Bitcoin (BTC) is the harbinger of the world‘s fully decentralized digital asset. Bitcoin is not just a currency but a cryptocurrency movement. Like any traditional asset, Bitcoin is not without its limitations. The BTC price is prone to market movement and external factors that affect the market. In the past, Bitcoin has seen both positive and negative price swings.
Therefore, traders must speculate on cryptocurrencies.‘ advantages and disadvantages before investing. It is always wise to learn about the trading tools and fundamentals of the cryptocurrency market before making a major decision.
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