04 February 2023 : 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.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,083,264,400,070. The total trading volume stands at $51,393,163,823. Bitcoin shares 41.6 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $23,370.21 level after a decline of -0.32%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.07 percent reaching to $1,661.24 during the previous 24 hours.
While publishing this blog, BNB traded at $329.84, following a price change of 1.23% within the same time frame. XRP the native coin of XRP is down by -0.56 and currently trading at $0.41. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% 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.
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||$20,090.38||Support Level 1||$18,373.41|
|Resistance Level 2||$20,876.80||Support Level 2||$17,442.86|
|Resistance Level 3||$21,807.35||Support Level 3||$16,656.44|
According to Price Analysis Market Index, Bitcoin (BTC) is trading at $23,370.21 with a trading volume of $23,844,524,927.00. However,BTC has a price decline of -0.32% in the last 24 hours.BTC price changes 1.76% over the week with a total market capitalization of $450,604,429,599.00 USD.
BTC price analysis for 04 February 2023 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.
|Simple Moving Average (10)||19,275.98||Buy|
|Exponential Moving Average (10)||19,321.72||Buy|
|Simple Moving Average (20)||19,459.61||Buy|
|Exponential Moving Average (20)||19,466.08||Buy|
|Simple Moving Average (50)||19,678.52||Buy|
|Exponential Moving Average (50)||19,672.60||Buy|
The BTC/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While BTC’s Williams %R indicator is at -41.524 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the BTC coin is near oversold zone, as RSI is at 33.
According to the Bitcoin (BTC) price analysis, the bears have failed to take the market downwards, and as a result, we are likely to see the continuation of the bullish trend in the coming days.