Bitcoin Price Prediction as BTC Drops 1.4% in 24 Hours: Is the Selloff Over?

Bitcoinwhich is currently trading at $30,500, saw a slight drop of 1.4% in the last 24 hours.

However, there are promising signs that the sale may come to an end.

The cryptocurrency broke above the minor resistance level at $30,400, suggesting a possible continuation of its bullish bias.

With this development, investors are eager to determine what is in store for Bitcoin.

bitcoin price

The current bitcoin price stands at $30,523.10, with a volume of operations of $13,500 million in the last 24 hours. In the last 24 hours, Bitcoin has experienced a decline in value of almost 1%.

It currently holds the top position in CoinMarketCap’s ranking, with a live market capitalization of $593 billion.

The circulating supply of Bitcoin consists of 19,428,268 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.

Bitcoin Price Prediction

Looking at the technicals of Bitcoin, we can see an upward trajectory following its breakout of the resistance level at $30,500.

On the four-hour chart, Bitcoin found support along the uptrend line near the $30,400 mark.

The formation of a series of Doji candles above this level, coupled with a bullish engulfing candle, has caused a bullish bounce in the Bitcoin price.

To learn more, we can examine the relative strength index (RSI) and the moving average convergence divergence (MACD).

The RSI shows a constant presence in the buy zone, indicating positive buying pressure, while the MACD shows decreasing histograms compared to previous readings.

These indicators suggest a possible weakening of the bullish momentum.

Bitcoin Price Chart – Source: Tradingview

That being said, on the upside, Bitcoin has immediate resistance around the $30,950 level, or more precisely the $31,000 level.

A bullish break above this level can potentially push BTC towards the $31,500 level. Conversely, a break below the $30,400 level could send BTC lower towards the $30,000 level.

The key point to focus on today is the $30,400 level. As long as Bitcoin stays above this, we can expect a continuation of the uptrend in Bitcoin.

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Cryptocurrency Price Tracker – Source: Cryptonews

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