Bitcoin
Bitcoin Price Forecast as $17 Billion Trading Volume Arrives – Are Chinese Whales Buying?
Last updated: May 19, 2024 08:32 EDT | 2 minutes reading
Bitcoin (BTC) is trading at US$67,330.50, up 0.15% in the last 24 hours, with a trading volume of US$16.3 billion. Maintaining its leading position on CoinMarketCap with a market capitalization of $1.33 trillion, Bitcoin’s current momentum is fueling speculation. price prediction explores whether Chinese whales are driving the recent surge amid substantial trade volume.
Bitcoin Price Prediction
On the technical front, the 4-hour chart identifies the pivot point at $66,680, and BTC’s position above this level signals a rally. Bitcoin Price Prediction.
Immediate resistance is marked at $69,296, followed by $71,090 and $72,809. On the downside, immediate support lies at $64,662, with additional support levels at $63,299 and $61,517.
The Relative Strength Index (RSI) is currently at 64, indicating that Bitcoin is neither overbought nor oversold. The 50-day exponential moving average (EMA) is positioned at $64,739, reinforcing the overall uptrend.
Bitcoin continues to be traded with an upward bias, remaining above the $66,680 pivot point support area. The EMA 50 is supporting Bitcoin’s buying trend, and the RSI is also above 50, suggesting continued upward momentum.
The formation of Doji candles above the pivot point indicates neutral sentiment, but the overall outlook remains positive as long as Bitcoin remains above this critical level.
If Bitcoin maintains its position above the $66,680 pivot point, it could push prices towards the resistance levels identified at $69,296, $71,090, and $72,809. However, a break below this pivot point could trigger a sharp selling trend, pushing the price towards support levels at $64,662, $63,299 and $61,517. The market’s reaction to these key levels will be vital in determining Bitcoin’s direction in the near term.
To complete, Bitcointhe technical outlook remains bullish above the $66,680 pivot point. Immediate resistance at $69,296 will be the first hurdle to clear, followed by $71,090 and $72,809.
The current RSI level suggests there is room for further gains, although caution is needed if Bitcoin falls below the pivot point.
The 50-day EMA at $64,739 provides a solid base for the continued uptrend. Traders should closely monitor these key levels as the market response will dictate the next phase of Bitcoin’s price movement.
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