Bitcoin Price Analysis: BTC looks positive for near future?


  • The current trading volume of Bitcoin is at $29,181,800,406.00.
  • Bitcoin’s EMA(10) shows a upward trend.
  • BTC gained approximately 0.96% within the last 24 hours.
  • Bitcoin has a medium term resistance at $21,285.79.

03 October 2022 : In this article we will walk you through Bitcoin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Bitcoin, Is BTC a good investment? Bitcoin support & resistance levels etc. But before diving deep into the BTC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $936,642,515,083. The total trading volume stands at $53,583,320,840. Bitcoin shares 39.69 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,389.79 level after an upward movement of 0.96%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.54 percent reaching to $1,317.86 during the previous 24 hours.
While publishing this blog, BNB traded at $287.12, following a price change of 1.38% within the same time frame. XRP the native coin of XRP is down by -1.87 and currently trading at $0.45. Additionally, Cardano reached $0.42 after seeing a decline of -0.04% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Bitcoin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Bitcoin (BTC)

BTC Resistance Levels BTC Support Levels
Resistance Level 1 $20,311.40 Support Level 1 $18,428.66
Resistance Level 2 $21,285.79 Support Level 2 $17,520.31
Resistance Level 3 $22,194.14 Support Level 3 $16,545.92

Bitcoin Performance

According to PriceAnalysis Market Index, Bitcoin (BTC) is trading at $19,389.79 with a trading volume of $29,181,800,406.00. However,BTC has seen a price increase of 0.96% in the last 24 hours.BTC price changes 1.65% over the week with a total market capitalization of $371,664,182,875.00 USD.

Bitcoin Price Analysis

BTC price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Bitcoin.

Moving Averages Price Indicator
Simple Moving Average (10) 19,237.90 Buy
Exponential Moving Average (10) 19,249.35 Buy
Simple Moving Average (20) 19,406.10 Sell
Exponential Moving Average (20) 19,396.08 Sell
Simple Moving Average (50) 20,487.82 Sell
Exponential Moving Average (50) 20,441.27 Sell

The relative Strength Index (RSI) indicates that the BTC coin is in consolidation zone, as RSI is at 49. As per the price analysis, the BTC price may find support at these crucial levels of $18,428.66, $17,520.31, moving below these levels might bring the price to $16,545.92. on the other side, the resistance levels are at $20,311.40 and $21,285.79. A bullish breakout from the above levels may lead the price to the $22,194.14. The MACD line is standing above of the signal line after a positive crossover. Bitcoin investors need to wait for any directional change over the daily chart. While BTC’s Williams %R indicator is at -49.213 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

According to our technical analysis data, the short-term forecast for the Bitcoin price is mostly bullish at the time of writing. The cryptocurrency Bitcoin seems to be on the rise again. A significant return-on-investment (ROI) is predicted if you acquired the currency some time back.