Bitcoin is the Big boy of Cryptomarkets, which has proved its worth time and again. BTC has been on a Roller-Coaster ride since it dumped to $51,500 on March 26, 2021, after hitting its ATH $61,712 on March 12. Although whales dumped their positions, Bitcoin has sustained and has been consolidating.
Bitcoin took a steady approach and has again gained momentum, reaching $59,030.66 while penning this article.
As per one of the analysts, there is a big move that is anticipated in the Bitcoin price. He took to Twitter predicting the move with his analysis.
BTC 24 Hours Price History
With a Market capitalization of $1,100,724,437,940, it has been trading at $58,950.76 and saw a 1.1% jump in the last 24 hours. The transaction of Bitcoin accounted for $65.497 Billion in the last 24 hours.
Bitcoin has been volatile with a 24 hour high at $59,658.58 and a 24-hour low at $57,747.72. But what is interesting is to analyse the direction of the momentum of the BTC.
Bitcoin Technical Analysis
BTC/USD technical analysis turned bearish as soon as it hit highs slightly above $61k. The Resistance Strength Indicator (RSI) is also returning from the overbought condition and leaning towards a formulating bearish trend.
The volume has lessened as investors wait for Bitcoin to substantiate the escape past $60k. Nonetheless, the pattern formed indicates a positive momentum.
The price has formed a beautiful cup and handle pattern, with a huge probability of breaking the ATH level. Resistances at $59k and $60k may act to hold the prices down. But as per the Bollinger band, the upper band and the lower band are converging. This convergence indicates a big move in the upcoming trading sessions. MACD indicates neutral to Bullish levels.
Bitcoin being the biggest cryptocurrency in the world also attracts Big whales and institutional investors. Hence sudden pumping and dumping can affect the volatility, trends and eventually the prices of BTC.
Resistance: $59k, $60k.
Support: $57.2k, $56.5k
MACD: Neutral to Bullish