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Bitcoin Price Prediction
This weekend, Bitcoin experienced a 1.4% increase in value, generating interest among investors and sparking conversations regarding Bitcoin price forecasts for the upcoming week.
Currently priced at $63,559, Bitcoin exhibits strong market activity with a trading volume of $17.73 billion, maintaining its leading status with a market capitalization of around $1.25 trillion.
Bitcoin Price Prediction
The pivot point for Bitcoin (BTC/USD) today is set at $64,075, which is a significant level for traders to observe. Immediate resistance is encountered at $65,092. If the upward momentum persists, the subsequent resistance levels to watch are $66,745 and $67,887.
On the downside, Bitcoin has immediate support at $62,754. Further declines could lead to testing support levels at $61,782 and $60,780, respectively.
The Relative Strength Index (RSI) is currently at 43, suggesting that Bitcoin is neither in an overbought nor oversold condition at this moment. This neutral stance may indicate a lack of strong momentum in either direction within the market.
The 50-Day Exponential Moving Average (EMA) is presently at $64,355. This indicator is vital as it is close to the pivot point, suggesting that the market may be at a pivotal moment.
Bitcoin Price Prediction – Source: Tradingview
On a 4-hour chart, Bitcoin has recently fallen below the descending triangle pattern, which had been providing support near $64,000.
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This technical breakdown indicates the possibility of further declines. If the downward trend continues, Bitcoin could potentially drop to the $61,750 level, and possibly extend losses to $60,750.
Conclusion
The current technical perspective for Bitcoin appears bearish below the $64,075 mark. A significant breach below this pivot could lead to additional declines towards the immediate support levels.
Conversely, a rise above this critical threshold could foster a more bullish sentiment in the market, potentially resulting in a test of higher resistance levels.
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The post Bitcoin Price Prediction as BTC Spikes Up 1.4% on the Weekend – Bullish Week Incoming? appeared first on Cryptonews.
