Bitcoin price dropped 2% in the last 24 hours, trading at $58,258, while trading volume soared by 55% to $23 billion.
Current Bitcoin Price Situation
Over the past week, Bitcoin price has experienced significant changes. Starting at $54,112 on September 8, it reached $60,771 by September 14, marking the first time since August 30 that Bitcoin surged above the $60,000 psychological level.
Price Movements Analysis
After reaching the $60,771 level, Bitcoin price underwent a correction to the current level, forming a rounding top pattern. This pattern could potentially lead to a decline down to the support zone at $55,137. Despite trading above the 50-day Simple Moving Average (SMA), Bitcoin has struggled to breach the resistance of the 200-day SMA, currently at $58,968. Additionally, the Relative Strength Index (RSI) has also dropped from the overbought region of 70 to the current 43, indicating intense selling pressure.
Analysts' Opinions
Analyst Titan of Crypto predicts a potential rally of Bitcoin to $92,000, based on historical post-halving data and current trends. According to him, in previous cycles, the price bounced at least 40% after testing the 50-week Simple Moving Average, with an average bounce of 71%, which could lead to a price of $92,000.
The Bitcoin market remains volatile, and analysts continue to debate the future of the cryptocurrency. Only time will tell if Bitcoin can meet the predictions and reach new heights.
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