Bitcoin has once again displayed its resilience in the volatile cryptocurrency market, maintaining its price above $34,000 with a trading volume of $18.37 billion in the past 24 hours, despite a slight 2% dip. Bitcoin retains its #1 position on CoinMarketCap, boasting a massive market cap of $665.9 billion. In terms of supply, there are 19.53 million BTC coins in circulation out of a capped limit of 21 million.
Analyzing the daily chart, the pivot point for Bitcoin is at $33,920, aligning with the 23.6% Fibonacci retracement level. Immediate resistance levels are at $34,500, $35,250, and $36,150, while support is expected at $33,000, followed by $32,450 and $31,800.
From a technical perspective, the Relative Strength Index (RSI) at 57 suggests a bullish sentiment with prevailing buying momentum. The 50-Day Exponential Moving Average (EMA) at $32,800 indicates a short-term bullish trend as Bitcoin's price remains above it.
The daily chart shows Bitcoin's strength, staying above a double bottom support at $33,450, and the 23.6% Fibonacci level acting as a barrier against significant downtrends. A red consolidation phase on the chart implies investors may be waiting for a catalyst for a significant breakout.
In summary, the overall trend for Bitcoin leans bullish, especially if it stays above $33,900. However, a breach below this level could signal a bearish trend. With current indicators and market conditions, Bitcoin might attempt to test the $34,500 resistance in the coming days. Traders should exercise caution, considering both technical markers and global market conditions due to cryptocurrency's notorious volatility, making informed decisions based on a combination of these factors the wisest approach.
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