BTC Faces Double Top Resistance at $31,000, Will Bearish Correction Follow?
As Bitcoin garners global attention, investors and traders closely monitor its price movements.
Currently, Bitcoin (BTC) encounters a significant obstacle in the form of double top resistance at the $31,000 level.
This resistance has previously acted as a strong barrier, raising concerns about the potential for a bearish correction in the near future.
In this Bitcoin price prediction, we will primarily focus on the technical analysis of Bitcoin, examining whether the double top resistance will hold or if Bitcoin will break through and sustain its upward trajectory.
As of today, the current price of Bitcoin stands at $30,273, accompanied by a 24-hour trading volume of $16.4 billion.
Over the past 24 hours, Bitcoin has experienced a slight decline of approximately 1%.
Bitcoin holds the top rank on CoinMarketCap with a live market capitalization of $587 billion.
The circulating supply of Bitcoin is 19,412,850 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
On the daily chart, BTC/USD is encountering significant resistance near the $31,000 mark, which is reinforced by a double-top pattern.
The presence of doji and spinning top candles, along with this resistance level, suggests a weakening bullish sentiment and exhaustion among buyers.
As a result, we can expect a minor correction in Bitcoin’s price.
It’s important to note that immediate support can be found at around $29,600.
A break below this support level may lead to further downside movement, targeting the key support at $28,250, which coincides with the 50-day exponential moving average.
If the price drops below $28,200, the subsequent support will likely be around $26,750.
Looking at the relative strength index (RSI) and moving average convergence divergence (MACD), both indicators are currently in the neutral zone, indicating that Bitcoin is neither overbought nor oversold.
This reinforces the potential for a corrective move in the near future.
Conversely, if Bitcoin successfully breaks above the $31,000 level, the next target to watch is approximately $32,500.
If the momentum continues, the subsequent target could potentially be around $34,000.
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