- Bitcoin has broken below the short-term uptrend channel, initially indicating a weaker upward trend. The cryptocurrency is testing the support level at 34,000 points.
- Bitcoin has moved upwards from a roughly sideways medium to long-term trend channel. This indicates a sustained strong development, with the currency currently finding support towards the top of the trend channel.
- The RSI (Relative Strength Index) is above 70 after a recent strong price increase. The cryptocurrency displays strong positive momentum, indicating further increase.
The Bitcoin price has continued to hold strong above $34,000 over the last 24 hours. What price levels should be followed on the BTC chart going forward?
Short-Term BTC Analysis
Bitcoin has broken below the short-term uptrend channel, initially indicating a weaker upward trend. The cryptocurrency is testing the support level at 34,000 points. This may result in a positive response, but falling below 34,000 points would signify a negative signal. The volume balance is positive, reinforcing the currency’s strength in the short term. The RSI is above 70 after a good price increase in recent weeks. The cryptocurrency shows strong positive momentum, suggesting further increase. However, a high RSI, especially for large assets, may indicate overbought conditions and the possibility of a downward response. The currency is generally evaluated as technically positive in the short term.
Medium-Term BTC Analysis
Bitcoin has moved upwards from a roughly sideways medium to long-term trend channel. This indicates a sustained strong development, with the currency currently finding support towards the top of the trend channel. It also gave a positive signal from a rectangle formation after breaking above the 32,309 resistance. An increase to 40,282 or higher is indicated. There is no resistance on the price chart, suggesting further upward movement. In the case of a negative response, the cryptocurrency has support at approximately 30,700 points.
Positive volume balance indicates that on days with rising prices, volume is higher than on days with declining prices. This shows increased optimism among investors. The RSI is above 70 after a good price increase in recent weeks, signaling strong positive momentum for the cryptocurrency. However, a high RSI, especially for large assets, may indicate overbought conditions and the possibility of a downward response. The currency is generally evaluated as technically positive in the medium term.
Long-Term BTC Analysis
Bitcoin has broken below the long-term uptrend channel, initially indicating a weaker upward trend. The cryptocurrency gave a positive signal from a rectangle formation after breaking above the 32,309 resistance, indicating an increase to 40,282 or higher. The cryptocurrency is positioned between support at 30,000 points and resistance at 44,000 points. A definite break of one of these levels will indicate the new direction. Positive volume balance, with higher volume on rising price days, strengthens the currency. The cryptocurrency is generally evaluated as technically positive in the long term.
Bitcoin Price
The current Bitcoin price is $34,289 USD, with a 24-hour trading volume of $17,022,701,684 USD. Bitcoin has decreased by 0.83% over the last 24 hours. According to the current CoinMarketCap ranking, BTC is ranked first with a market capitalization of $673,594,286,429 USD. There are 19,529,150 BTC tokens in circulation, with a maximum supply of 21,000,000 BTC tokens.
