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Bitcoin is trading near the $43,000, after testing the $42,600 support level where a rebound happened. BTC is facing resistance at the level of $43,600.
Here, in this article, we will look at the current price analysis, weekly price analysis, future outlook, and news roundup for Bitcoin.
Bitcoin Price Analysis
The current price of bitcoin is $43,698.19. The market capitalization stands at $855.5 billion and the 24-hour volume is $28.4 billion. The coin is still up 164.38% year-to-date, outperforming most traditional assets.
Formed bullish bat, reversal is expected from here.
Bitcoin is trading in a narrow range between $42,600 and $43,600, as shown in the chart below. The coin is above the 50-day moving average (MA), which is acting as a dynamic support, but below the 100-day and 200-day MAs, which are acting as dynamic resistance. The coin is also below the downtrend line that connects the lower highs since November 10, indicating a bearish bias.
The relative strength index (RSI) is at 46.8, indicating a balanced market. The RSI has been oscillating between 40 and 60, showing a lack of momentum in either direction. The MACD histogram is slightly positive, indicating a weak bullish signal. The MACD line and the signal line are close to each other, suggesting a possible crossover in the near future.
Weekly Price Analysis
On the weekly chart, Bitcoin is still in a downtrend, as shown by the lower highs and lower lows since April. The coin is below the 20-week MA, which is acting as a strong resistance, but above the 50-week and 100-week MAs, which are acting as strong support. The coin is also above the horizontal support at $40,000, which has been a crucial level since January.
The RSI is at 47.9, indicating a balanced market. The RSI has been declining since April, showing a loss of bullish momentum. The MACD histogram is negative, indicating a bearish signal. The MACD line is below the signal line, confirming the bearish trend.
News Roundup
Here are some of the latest news headlines that could impact Bitcoin’s price:
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