On February 20th, Bitcoin broke through a resistance level near $30,000. Since then, the price has moved sideways and is now trading at around $38,000. The volatility in this market has caused many people to question whether Bitcoin is a bubble or not. After all, its price has increased by nearly 1,000% over the last year, and nearly 7x in 2017 alone. But as I wrote at the end of 2017, there are two reasons Bitcoin may look like a bubble.
Bitcoin is up over 200% over the last 12 months, and after a slight hiccup at the start of 2017, the price has been on a tear ever since. Analysts have predicted the price of bitcoin will hit $10,000 by mid-September, which would make it a 100-fold increase over its current value. At this time last year the cryptocurrency was worth about $1,000.
This has been a big week for Bitcoin, with the price of the cryptocurrency breaking through the $3000 mark for the first time since April. This is a very positive sign for the future of Bitcoin as a currency, and also suggests that its value will have to continue to rise in order to maintain its status as a viable currency.. Read more about bitcoin price prediction and let us know what you think.Summary of the situation
- BTC rose yesterday.
- The resistance was about $38,000.
- The next major support is at the $30,000 level.
The bitcoin price analysis for today is bearish as the market has formed a base below the $38,000 resistance over the past 24 hours and the market is now preparing for another decline. Crypto-currency heat map. Source: Coin360 Over the past 24 hours, the world market was mostly in the red. Bitcoin is the exception with a small gain of 3.2%. Meanwhile, the rest of the market posted slight losses, with Solana (SOL) among the worst performers with a 6% loss.
Bitcoin price movements in the last 24 hours
BTC/USD traded in a range of $35,847 to $38,334, indicating good volatility. Trading volume fell 11.2% to $44.2 billion, while total market value was $697.3 billion, representing a market dominance of 44%.
4-Hour Chart BTC/USD – BTC makes another lower high from
The 4-hour chart shows that the price of bitcoin has risen in recent days and set a lower high around the $38,000 mark. Four hourly chart BTC/USD. Source: TradingView The general market is still in a declining price pattern after a sharp fall in May. Support was found at $30,000, with further declines on the 19th. May were strongly rejected, indicating that the Bears have exhausted their power. A bullish momentum in the bitcoin price structure followed, with several higher highs reached. After that, BTC/USD traded in an increasingly narrow range, with a recent low around $35,000. As a result, bitcoin was expected to lay a foundation from which it could rise in the coming weeks. However, on Monday, BTC fell to the $31,000 support level and set a low, suggesting that the bears are still in control. A fall back to the $38,000 level followed. The market began to consolidate yesterday, suggesting that bears are preparing to take over and push the market lower. This means that we can expect the bitcoin price to fall over the weekend and test previous key support at $30,000, implying a possible 20% drop.
Bitcoin price analysis: Supplement
The price analysis of bitcoin is bearish as the market has set a lower high over the past 24 hours. So we can expect BTC/USD to fall over the weekend to retest the previous low and the next support target at $30,000. In anticipation of a further rise in the price of bitcoin, read our latest guides on buying bitcoin, bitcoin transactions and peer-to-peer blockchains. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.We’ve got some mixed news regarding the cryptocurrency Bitcoin: the price of the digital asset was up to $38,000 today, having fallen by about 5% over the past week. After a spectacular ascent last year, the price of Bitcoin reached all-time highs of $19,000 before plummeting to around $3,000 towards the end of the year, and then dropping even further in January to around $2,000. Today’s price of $38,000 is a few percent off the all-time high of $39,000 reached in December.. Read more about bitcoin price history and let us know what you think.
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