In the ever-fluctuating world of cryptocurrency, the price of Bitcoin currently stands at $29,025, experiencing a slight increase of less than 0.10% in the last 24 hours. However, this move comes in the midst of a noticeable decrease in daily trading volume, which fell to just over $6 billion.
So what is causing this drop in trading volume and how could this potentially have a impact on Bitcoin’s future trajectory ? This article aims to provide a comprehensive Bitcoin price prediction, looking beyond the raw numbers and analyzing market dynamics.
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Bitcoin Price Prediction
On this Sunday, Bitcoin (BTC/USD) still seems confined to a narrow trading rangewith resistance and support set at around $30,000 and $29,000 respectively.
Of the key technical indices such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest a bearish outlook for bitcoin right now. And, the Bitcoin price chart reveals a sustained downtrend, with the digital currency hitting a level of $29,100.
This bearish momentum could persist, potentially pushing the price of Bitcoin even lower, possibly towards the $28,700 level, from the beginning of the week in the next few days. However, it is plausible that Bitcoin could find a support at the $28,700 level in the midst of this continuous downward movement. But, if Bitcoin broke below this support level, theThe crypto price could quickly hit the $28,200 level.
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Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com