- Bitcoin’s (BTC) price fell 0.31% on the past day, and it is currently trading at $30,187.3
- Bitcoin (BTC) whale holdings data states that there has been an increment of 0.05% in the holdings of whales in the past 1 year.
Bitcoin (BTC) cryptocurrency, launched in 2008, is the market leader in the crypto market. It holds a total market cap of $586.42 Billion. It has received $9.58 Billion in volume in the past 24 hours which is 30% more than the previous day. Also, it receives an average transaction fee of $1.5.
Bitcoin’s price is currently trading at $30,187.3 at a loss of 0.31% in the past 24 hours. As per coin glass derivatives data, there has been an increment of $7.2 Million OI on the long side against an increment of $6.31 OI on the short side. Bitcoin’s Option data states an increment of 2.18% whereas, Options volume registered a decrement of 39.73% indicating the increasing participation of whales in the OI data.
As per the analysis of the previous chart, Bitcoin is in an uptrend since January 2023. Bitcoin (BTC) is trying to form an expanding channel pattern and respecting its lower and upper levels. As per BTC chart analysis, its price is taking correction after every bullish move. Thus, it is forming higher highs and higher lows.
Bitcoin (BTC) Price Technical Analysis
According to the BTC price analysis, the price got support from the lower trendline and bounced back, and changed its character in a daily timeframe. Currently, the price is consolidating near the previous swing high at the level of $30300 to 31500. Now, if the price breaks above $31700 then, an imbalance will be created in the market which will lead the price to a $35000 level.
However, if the price declines from the current level, it will result in Double top Formation and may allow sellers to enter the market after the breakdown of the the lower trendline.
Indicator Analysis
As per the EMA analysis, Bitcoin’s price has taken support from 200 EMA and bounced back which shows the buyer’s presence at the lower levels. Currently, the price has given a breakout and is trading above all the EMAs which shows bullishness in the market.
At the time of publishing, the RSI value is at 61.09 and that of the SMA line is 59.2. RSI is headed to the upside and taking support from SMA which indicates bullish sentiment in the market.
MACD lines have made a bullish crossover and both the lines are above the mean line. Overall, the indicator’s sentiments are bullish for Bitcoin (BTC) cryptocurrency.
Conclusion
As per the combined analysis of price action and indicators, Bitcoin’s (BTC) price was in a short-term correction phase after getting rejection from the upper trendline of the expanding channel. However, the price bounced back almost 22% after getting support from a lower trendline and 200 EMA. Currently, the price is consolidating near the swing high. If the price can break above $31700, then the price may surge up to $35000 and $3800 in the upcoming weeks.
Technical Levels
- The support levels at $25238 and $21472
- The resistance levels at $31700 and $35000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
