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Bitcoin Price Prediction as BTC Falls 1.4% in 24 Hours – Is the Sell Off Over?
Bitcoin, currently trading at $30,500, experienced a slight decline of 1.4% within the past 24 hours.
However, there are promising indications that the sell-off may reach its conclusion.
The cryptocurrency surpassed the minor resistance level at $30,400, suggesting a potential continuation of its bullish bias.
With this development, investors are eager to determine what lies ahead for Bitcoin.
Bitcoin Price
The current price of Bitcoin stands at $30,523.10, with a trading volume of $13.5 billion over the past 24 hours. In the last 24 hours, Bitcoin has experienced a nearly 1% decrease in value.
It currently holds the top position in CoinMarketCap's ranking, with a live market capitalization of $593 billion.
Bitcoin Price Prediction
Analyzing the technical aspects of Bitcoin, we can observe an upward trajectory following its breakthrough of the resistance level at $30,500.
On the four-hour chart, Bitcoin found support along the upward trend line near the $30,400 mark.
The formation of a series of Doji candles above this level, along with a bullish engulfing candle, has triggered a bullish rebound in the price of Bitcoin.
To gain further insights, we can examine the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
The RSI shows a steady presence in the buying zone, indicating positive buying pressure, while the MACD demonstrates diminishing histograms compared to previous readings.
These indicators suggest a potential weakening in bullish momentum.
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