Lokesh Gupta
03-08-2023
The cryptocurrency market, especially Bitcoin, has seen significant volatility with impressive surges and sharp declines. The 100-day moving average provides support, but the price remains below $29,500, struggling to breach the $30,000 resistance. Recent declines broke support levels at $29,750 and $29,500, with a brief dip below $29,000. The current situation shows consolidation around a low near $28,928.
Bitcoin is currently trading within a Descending channel line on the 4-hour chart. The price is facing resistance from the 200 Moving Average (4-hours) and has formed a shooting star pattern, suggesting selling pressure. Notably, the correction that began in early July has led the price to the important support levels at 0.5 and 0.618 Fibonacci retracement, which could potentially halt the recent downward movement.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $566,019,142,096. The 24-hour trading volume is approximately $11,264,164,860.
KEY LEVELS :
RESISTANCE LEVEL : $29,500-$30,000
SUPPORT LEVEL : $28,800-$28,300
Will the news of Binance potentially facing U.S. fraud charges impact the price of BTC? Can BTC expect a drop, or will it maintain its support? Share your thoughts in the comment box below.
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.
5 months ago
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