BTC/USD Daily forecast
BTC/USD price is $38,312.41 USD, with $41,802,859,061 USD in 24-hour trading volume. In the previous 24 hours, Bitcoin surged 0.05 percent. With a live market cap of $719,054,989,194 USD, CoinMarketCap currently ranks #1. There are 18,768,200 BTC coins in circulation, with a maximum supply of 21,000,000 BTC coins.
BTC/USD Daily Technical levels
BTC/USD market has made significant gain in the price of bitcoin.The 4H candle sticks is showing a bullish a market scenario as the price of btc retraced after touching the resistance at a price level of 37990 usd.
Fib levels are the most important tool used by the traders to analyze the support and resistance levels of the market. The .382 level is acting as a strong resistance at the price level of 43000 usd, the fib level of .236 at the price of 37977 USD is first resistance of the market. The market can bounce back after re-touching the 40,000 Usd level.
The relative strength index (RSI) is a useful instrument for determining market momentum. Due to the rise in the price of bitcoin, the RSI of the BTC/USD pair appears to be overbought at the moment. However, the current circumstance indicates that the market will rise once more. At 38302 USD, there is significant resistance. The next leg will clear btc position much more. The RSI level of the bitcoin pair is around 100.
Bollinger bands are a market volatility tool used by traders for technical analysis. The Bollinger band of the BTC/USD pair is at the first trend line, and the price of the pair is 37268 USD. If the current momentum continues to grow, the market may move further higher.
Parabolic SAR is a technical technique that can be used to monitor market momentum. The pattern is still underneath the candlesticks, indicating that the market is still bullish. The following candlestick, on the other hand, will reinforce the market’s present pattern. Currently, the price of Bitcoin is 37087 USD.
Technology behind the bitcoin
Blockchain is a sort of accounting system in which it has a distributed ledger over a network of computers. It has a list of transactions that are linked with peer-to-peer computer networks.
Features of blockchain technology
Following are the main core features of technology behind the bitcoin
Recent developments in the market
The main possible reason that made the price of btc upwards
Amazon rumors to accept the bitcoin
The recent surge in the price of bitcoin has done made the market bullish with the news coming from the Amazon is looking to accept the bitcoin as a payment method.
Yearly price graph of bitcoin
The price of bitcoin has made new all time highs and significant dips in the last month. Here is the graphical representation of bitcoin’s price.
Note: This is just personal analysis and views not a financial advice to anyone