Bitcoin Price Prediction: BTC Rising From Ashes, Ready for $32?

• Bitcoin price prediction showcases the upside trend of BTC the cryptocurrency market dominator over the charts.
• Bitcoin price is trying to remain above 20, 50, 100 and 200-days Daily Moving Average.
• The Bitcoin liquidation rate has jumped by $40.26M in the last 24-hour period.

Bitcoin price prediction suggests the recovery phase of BTC, the traditional cryptocurrency to break out from the $30,000 threshold. Meanwhile, Bitcoin price has surged around 3.61% in a month and 25.76% in the last three months. This confirms that the price of Bitcoin, the cryptocurrency market dominator, is on the upright and towards its recovery. Moreover, the liquidation rate of Bitcoin has surged to $20.63M in the last 12 hours. 

Indications are that Bitcoin (BTC) price has been trying to surge above the upper threshold of $30,000 and needs to follow the constant uptrend momentum by maintaining the buyers accumulation rate. 

Moreover, BTC price might recover above $30,000 if the buyers maintain the accumulation rate. In addition, according to coinglass the data of Short or Long positions of traders around the globe maximum number of traders are sitting on the long side. So, the long term goal of Bitcoin is clear to reach $35,000 after breaking out from the primary resistance of $30,000.

Bitcoin price was at $28,966 and has gained 2.36% of its market capitalization during the day’s trading session. Trading volume has increased by 37% during the intraday trading session. This demonstrates that buyers are trying to exceed the accumulation rate in order to maintain the recovery of Bitcoin, the traditional cryptocurrency. Volume to market cap ratio was at 0.0385.

Bitcoin Price Prediction: Technical Indications!

Bitcoin price prediction suggests the recovery phase of BTC, the cryptocurrency market dominator, towards the primary resistance level of $30,000. However, trading volume is still below average and needs to grow for BTC to maintain the recovery phase. Meanwhile, Bitcoin price is trying to remain above 20, 50, 100 and 200-days Daily Moving Average.

Bitcoin price needs to maintain the current uptrend momentum in order to break out of the primary resistance level and reach the $35,000 level. Bitcoin resembles the Phoenix bird from Greek mythology as it keeps on recovering from its own ashes. Just like the way Phoenix bird does from the Greek Mythology. 

Bitcoin has gained around 42.91% during the last six months and 75.46% year to date. This data confirms the facts regarding Bitcoin crypto’s maximum recovery during 2023. 

Reports also suggest that BTC may keep recovering from the lower levels to prove itself and maintain its dignity as the cryptocurrency market dominator. The market dominance of Bitcoin is at 45.80%, completely dominating the cryptocurrency market. 

Technical indicators suggest the recovery phase of Bitcoin from its own ashes. Relative strength index showcases the upside trend of BTC over the daily chart. RSI was at 54 and is heading towards the overbought territory from neutrality. 

MACD exhibits the sustainability of Bitcoin cryptocurrency. The MACD line is returning towards the signal line for a positive crossover. Investors in Bitcoin need to wait until Bitcoin price surges out of the $30,000 resistance level.    

Summary

Bitcoin price prediction suggests the recovery phase of BTC, the traditional cryptocurrency to break out from the $30,000 threshold. However, trading volume is still below average and needs to grow for BTC to maintain the recovery phase. Bitcoin has gained around 42.91% during the last six months and 75.46% year to date.

Technical indicators suggest the recovery phase of Bitcoin from its own ashes. Investors in Bitcoin need to wait until Bitcoin price surges out of the $30,000 resistance level.   

Technical Levels

Support Levels: $28,000 and $27,200

Resistance Levels: $29,500 and $30,600

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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