After making a new all-time high (ATH) this month, Bitcoin (BTC) hasn’t been able to recover and has found support at the $60.6k price level. With the approval of BITO ETF, the first Bitcoin futures ETF, Bitcoin turned bullish but fell down to $58k due to liquidations.
While a Bitcoin ETF is yet to be approved, we have a lot of activity going on in the direction of futures ETF. With a 24-hour trading volume of $33.5 billion, and market dominance of 44.11%, Bitcoin’s market cap fell by 1.24%, to $1.14 trillion.
The current monthly candle is up by more than 38%, with a monthly high of $67k. The lowest price for the BTC/USD in the last 30 days rests at $47,045, with the highest at $67k. The circulating supply of the token rests at 18,859,725 BTC.
Bitcoin price analysis on the daily chart using technical indicators
The technical indicators on the daily chart suggest a sideways scenario for the short term, with the price action being above the 50-day and 100-day Moving Averages. This turns the long-term momentum bullish.
The price action rests in the upper region of the Bollinger Band, which means that a breakout is imminent. Furthermore, the Bands are narrowing down, which means that volatility might follow soon.
The BTC price analysis using the RSI indicators shows that the BTC/USD pair is above the 50-level, i.e., the buying pressure is still higher than the selling pressure. However, the gradient is turning negative, indicating a surge in selling pressure.
The MACD indicator shows that the signal line is above the MACD line (blue line), and a few days earlier, we witnessed a bearish crossover. The histogram has turned red, and it seems that we might see lower price levels.
Final Verdict
The BTC price analysis can be concluded on a bearish note for the day, with possibilities of new all-time highs by the end of the year. Analysts claim that Bitcoin will reach 100k by the end of 2021, and with the approval of a Bitcoin wallet, we might see higher prices.