Lokesh Gupta
08-07-2023
The daily chart for Bitcoin indicates several indicators pointing towards a potential short-term correction. The current market conditions of Bitcoin are characterized by volatility, but it has stabilized around the $30,000 level, which is considered a crucial psychological support level for traders. Looking at the larger picture on a daily time frame, Bitcoin is currently consolidating within a narrow range. Resistance is seen around $31,400, while support is found near $29,600.
On the 4-hour chart, Bitcoin is currently in a phase of horizontal consolidation. This extended consolidation period has given rise to a bearish double-top pattern, causing a slight decline due to increased selling pressure outweighing demand. Although there is a newly established support level at $30,000, the market conditions remain uncertain, leading to a lack of substantial upward momentum from buyers. While there are possibilities for a bullish breakout, there is also a clear potential for a bearish impact, which may drive the price towards the $29,000 level.
Based on Price Analysis, the market capitalization of BTC stands at $587,021,273,474. The 24-hour trading volume is approximately $9,364,277,943.
KEY LEVELS :
RESISTANCE LEVEL : $30,500-$30,900
SUPPORT LEVEL : $29,900-$29,500
When will Bitcoin achieve a moonshot and soar to new heights, leaving enthusiasts and investors pondering? While some experts predict a potential surge above $40,000 in the upcoming months, the precise timing of Bitcoin's meteoric rise remains uncertain.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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