The Bitcoin price climbed 2% in the last 24 hours, trading at $60,645 amid a 30% surge in trading volume to $34 billion. This comes as Jenny Johnson, Franklin Templeton’s CEO, remarked on traditional finance's underestimation of Bitcoin transaction scale.
Current Bitcoin Price Analysis
The Bitcoin price has been trading in a sideways pattern, with resistance at $61,000 and support at $56,670. Data from GeckoTerminal shows the price has crossed above the 50-day Simple Moving Average (SMA), indicating potential upward movement. The Relative Strength Index (RSI) is at 55, supporting consolidation.
Jenny Johnson's Commentary
Jenny Johnson, Franklin Templeton’s CEO, stated that traditional finance underestimates the scale of Bitcoin transactions. In 2023, the Bitcoin blockchain processed over $36.6 trillion in transactions.
Market Outcome Prediction
If the bulls maintain their stance, the Bitcoin price could surpass $62,135, coinciding with the 200-day SMA. However, if the bears take control, the price could correct to the $56,000 support level.
Current analysis of the Bitcoin market suggests a potential price increase if it surpasses the $62,135 resistance level. Market participants should consider the possibility of both a price surge and a correction in the near term.
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