Bitcoin Price Prediction as Market Cap Surges to $730 Billion – Can BTC Maintain Its Upward Trajectory?
As Bitcoin market capitalization reaches an impressive $730 billion, the cryptocurrency world turns its gaze towards the future, speculating whether BTC can sustain its current upward trajectory. The current live price of Bitcoin is $36,579, marking a 1.50% decline over the last 24 hours. Despite this slight dip, Bitcoin maintains its dominance in the crypto market, as evidenced by its top ranking on CoinMarketCap and a substantial market cap of around $730 billion.
The circulating supply of Bitcoin stands at 19,549,643 BTC, inching closer to its maximum limit of 21 million coins, a factor that continues to influence its market dynamics.
Analyzing the 4-hour chart, Bitcoin’s pivot point is set at $37,975. It faces immediate resistance at $38,610, with further barriers at $39,250 and $39,800. On the support side, Bitcoin finds immediate grounding at $36,935, followed by subsequent levels at $36,375 and $35,740.
The Relative Strength Index (RSI) for Bitcoin is currently at 62. This reading suggests a bullish sentiment, though it remains below the overbought threshold of 70, indicating there might still be room for upward price movement. In terms of the 50-Day Exponential Moving Average (EMA), Bitcoin is hovering at $36,935. This positioning aligns with the immediate support level, suggesting a critical juncture for Bitcoin’s short-term trajectory.
Read more on cryptonews.com
