Bitcoin, the undisputed king of the cryptocurrency market, is once again at a turning point. As Pioneer's digital assets rapidly approach the level of $29000, traders and investors are closely monitoring key price levels and market indicators to determine the possible next steps
Bitcoin, the undisputed king of the cryptocurrency market, is once again at a turning point. As Pioneer's digital assets rapidly approach the level of $29000, traders and investors are closely monitoring key price levels and market indicators to determine the possible next steps.
Basic catalyst
- Bitcoin spot ETF CryptoQuant Bitcoin spot ETF 9000 1 ETF 2024 3 1,550 50,000 73,000
- Soaring historical valueThroughout history, Bitcoin's market value has grown by 3-5 times its realized capital. This means that even a small amount of capital inflows may lead to a significant increase in prices. The recent false reports about the approval of Bitcoin ETF spot prices have caused Bitcoin prices to rise to the $30000 mark.
- Market sentimentThe enthusiasm and optimism surrounding Bitcoin are evident. The discount of the Grayscale Bitcoin Trust Fund (GBTC) is continuously decreasing, at its lowest level in nearly two years, reflecting this sentiment.
Bitcoin Price
On October 18th, the current market situation of Bitcoin is as follows:
- The pricing is $28266, with a 24-hour trading volume of up to $12.73 billion. The market value is as high as $551.69 billion, which is impressive.
- From the perspective of supply, the number of BTCs in circulation is 19.52 million, which will never exceed 21 million, highlighting the scarcity.
- CoinMarketCap is a well-known cryptocurrency tracker that currently ranks Bitcoin first.
Bitcoin Price
From the perspective of Bitcoin technology analysis, the RSI (Relative Strength Index) depicts a moderately bullish picture.
Positioned at 63, this is a favorable number above 50, indicating bullish sentiment, but has not yet entered the overbought zone of 70.
On the contrary, falling below may indicate a bearish stage. In addition, the price of Bitcoin hovers above the 50 day moving average (50EMA) of $27712, indicating a potential short-term upward trend.
The chart pattern provides further insights. Bitcoin seems to be struggling with the resistance level of $28634. The resistance is shown as a triple peaked pattern on the chart, which is a sign of bearish sentiment.
In addition, the appearance of a cross star candle below this level may indicate a potential bearish turn, indicating that bulls may lose momentum.
Add it up
In summary, as long as Bitcoin remains above the $28150 mark, the current trend seems bullish. On the contrary, falling below this level may cause the balance to tilt.
Market sentiment 28,634
However, as is well known, the cryptocurrency field is unpredictable. Therefore, it is recommended that investors act cautiously and keep abreast of market trends in a timely manner.
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