Markets
Bitcoin Price Prediction as $17 Billion Trading Volume Arrives – Are Chinese Whales Buying?
Last updated: May 19, 2024, 8:32 a.m. EDT | 2 minutes of reading
Bitcoin (BTC) is trading at $67,330.50, up 0.15% over the past 24 hours, with a trading volume of $16.3 billion. Retaining its top position on CoinMarketCap with a market capitalization of $1.33 trillion, Bitcoin’s current momentum is fueling speculation. price prediction explores whether Chinese whales are behind the recent surge amid heavy trading volume.
Bitcoin Price Prediction
On the technical side, the 4-hour chart identifies the pivot point at $66,680, and BTC holding above this level signals an uptrend. Bitcoin Price Prediction.
Immediate resistance is marked at $69,296, followed by $71,090 and $72,809. On the other hand, immediate support lies at $64,662, with further support levels at $63,299 and $61,517.
The Relative Strength Index (RSI) is currently at 64, indicating that Bitcoin is neither overbought nor oversold. The 50-day exponential moving average (EMA) is positioned at $64,739, reinforcing the overall uptrend.
Bitcoin continues to trade with a bullish bias, holding above the $66,680 pivot point support zone. The 50 EMA supports Bitcoin’s buying trend, and the RSI also holds above 50, suggesting continued bullish momentum.
Doji candle formation above the pivot point indicates neutral sentiment, but the overall outlook remains positive as long as Bitcoin maintains above this critical level.
If Bitcoin maintains its position above the pivot point of $66,680, it could push prices towards the resistance levels identified at $69,296, $71,090, and $72,809. However, a break below this pivot point could trigger a strong selling trend, pushing the price towards the support levels at $64,662, $63,299, and $61,517. The market reaction at these key levels will be vital in determining the near-term direction of Bitcoin.
In conclusion, BitcoinThe technical outlook remains bullish above the pivot point of $66,680. Immediate resistance at $69,296 will be the first hurdle to overcome, followed by $71,090 and $72,809.
The current RSI level suggests there is room for further gains, although caution is advised if Bitcoin falls below the pivot point.
The 50-day EMA at $64,739 provides a strong base for the current uptrend. Traders should closely monitor these key levels as the market response will dictate the next phase of Bitcoin price action.
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