Bitcoin back move in the red zone today. Bitcoin is down 2.06%, Ethereum down 4.57%, Solana down 2.59%.
The fear and greed index shows a value of 85, which means market extreme greed.
Bitcoin performance today, Low $66,594.23 and High $68,897.13. Bitcoin market capitalization is $1.3 Trillion, Circulating supply has reached 19,657,950 BTC or 93.61% of the maximum supply of 21,000,000 BTC.
Bitcoin halving is expected to be April 2024. The current countdown is estimated at 32 days 22 hours 55 minutes according to Cointmarketcap data.
Bitcoin/USD Analysis today
Bitcoin price moves above the middle band line on Ticktrader FXOpen UK. It appears that the price is forming a bearish candlestick with shadows on the top and bottom of the candle. The candlestick body seen is smaller than the previous candle, an indication of less volatility.
Bollinger bands are still forming an upward channel with the distance between the upper and lower bands appearing to be narrowing, indicating reduced volatility.
MA 50 is still forming an upward channel below the lower band line indicating an uptrend market. MA 50 line may be dynamic support at roughly $55k level prices.
The RSI indicator shows level 59, which means the price is moving above the uptrend level.
On the H1 timeframe, Bitcoin price moves near the middle band line which is the current price consolidation zone.
The Bollinger bands in this time frame form a flat channel with a narrow upper and lower band distance, an indication of less market volatility.
MA 50 also formed a flat channel below the middle band line indicating a sideways market.
Meanwhile, the RSI indicator shows level 50, which means the price is moving in the neutral zone.
Support and resistance
In the short term, the resistance zone is based on the upper band at roughly $69007, and the support zone is based on the lower band at roughly $66670.
S3: 25954.7
S2: 38471.6
S1: 50587.6
R1: 73727
R2: 73727
R3: 73727
Final thoughts
The market seems to still be unsure whether the Bitcoin dump is over and prices are rising again or whether the decline is continuing.
Yesterday Bitcoin price tried to rise but still failed and the price corrected near the previous high.