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,Bitcoin, often referred to as the “digital gold”, is currently experiencing a lot of volatility. Recently, it surpassed the $34,000 mark, resulting in the liquidation of over $220 million worth of short positions in just 24 hours, demonstrating its highly unstable nature. This surge is not limited to Bitcoin alone, as the entire cryptocurrency landscape felt the effects, with over $400 million in liquidations across the board. Despite this tumultuous situation, Bitcoin is still trading at an impressive $34,750.
Bitcoin’s value has risen by over 13% in the last day, with the global cryptocurrency market cap seeing a 9.8% increase.
André Dragosch from Deutsche Digital Assets attributes the price surge to a combination of a short squeeze and significant on-chain developments, including increased transfer volumes and large investor accumulation.
However, Dragosch also warns of a potential price correction in the near term.
A combination of institutional interest, potential ETF approvals, and global economic scenarios paints a complex picture of BTC’s trajectory. Let’s dive deeper.
Bitcoin Price Prediction
Bitcoin’s recent price movements can be analyzed by examining its 4-hour chart. Traders can rely on the established pivot point, which is currently steady at $32,462.
The chart shows clearly defined resistance levels, with the nearest one being at $34,501. If Bitcoin continues to rise, it is likely to face resistance at $36,507 and $38,579.
On the other hand, if the market turns bearish, immediate support is available at $31,212. There are further support levels at $29,172 and a deeper one at $27,956.Bitcoin’s recent price movements can be analyzed by examining its 4-hour chart. Traders can rely on the established pivot point, which is currently steady at $32,462.
The chart shows clearly defined resistance levels, with the nearest one being at $34,501. If Bitcoin continues to rise, it is likely to face resistance at $36,507 and $38,579.
On the other hand, if the market turns bearish, immediate support is available at $31,212. There are further support levels at $29,172 and a deeper one at $27,956.
Reviewing the technical metrics, the Relative Strength Index (RSI) is notably high at 78.
📊 #Bitcoin Analysis Update:
– BTC’s 4-hour chart shows bullish signs.
– Price above 50-day EMA ($30,673) hints at short-term bullishness.
– Key level to watch: $34,700.
– Outlook: BTC could test $36,500 resistance if the bullish sentiment prevail.
🚀📈 #CryptoAnalysis #BTCUpdate pic.twitter.com/JeQQ3OQ8kQ— Arslan B. (@forex_arslan) October 26, 2023
Such a value, exceeding 70, typically suggests the market is in overbought territory.
This could be a precursor to a market adjustment, yet it also underscores the prevailing positive momentum around Bitcoin.
The 50-day Exponential Moving Average (EMA), often relied upon by traders, is marked at $30,673.
Bitcoin’s current price above this EMA indicates a positive short-term trend.
This positioning implies that there has been a sustained buying interest recently.
From a technical analysis standpoint, a bullish pattern becomes evident. The 4-hour chart shows a ‘Three White Soldiers’ formation, indicating a potential shift from the prior downtrend. Moreover, Bitcoin has surpassed the Triple top barrier at $31,655, which further strengthens the positive sentiment. However, the current challenge for Bitcoin is to surpass the $34,705 threshold, which denotes the 141.4% Fibonacci extension level. If Bitcoin can cross this level, it could potentially stimulate further purchasing interest. The 50 EMA also supports this bullish view.
To Conclude
Bitcoin’s current trajectory leans towards bullishness. Nonetheless, traders should be watchful of the $34,700 benchmark.
This level is pivotal; dropping below may attract sellers, while surpassing it could reinforce the upward momentum.
Given the prevailing positive sentiment, Bitcoin might challenge the $36,500 resistance upon a breakout of $34,700 resistance in the upcoming days.
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Find The Best Price to Buy/Sell Cryptocurrency
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
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