Bitcoin may have taken a hit March 10, but by the end of the day it was back on its feet, trading around the $40,000 mark again. The key question is whether Bitcoin is a bubble now. Bitcoin’s price breaks one of the most fundamental rules of investing: it can’t continue to rise forever. If you bought today you would have been out of pocket significantly but could have bought lower.
Bitcoin (BTC) has had a rough start to November, with a more than 10% loss on the month. After hitting a high of $7,886, the cryptocurrency fell back to $6,208 last week, before another big sell-off this weekend. The cryptocurrency now sits at $6,569, having dropped over $4,000 in just 10 days.
Bitcoin (BTC) is one of the most exciting coins on the market today. The incredible price gains have been enough to make many people believe that it is a bubble about to burst. But, what if we told you it was possible to make more than $40,000 by investing in a single cryptocurrency? That’s exactly what is possible through the use of a strategy we call the “3-chain.”. Read more about bitcoin problems today and let us know what you think.
The bulls have their eyes set on the $45k barrier area now that Bitcoin has started its rise.
After a little pullback on Monday, the cryptocurrency market continued its upward trend Tuesday. Bitcoin fell below the $38k support level after breaking above the $40k barrier on Monday.
The surge began again yesterday, with Bitcoin’s price rising by more than 7% in the last 24 hours. Bitcoin is closing in on $40k again at the time of writing, and market analysts believe it will hit the $45k support level in the next hours. Within the crypto community, there is a strong sense of bullishness, which may drive Bitcoin’s price higher in the coming days.
#Bitcoin is still acting in resistance here, so I’m not anticipating a breakthrough anytime soon.
Before a breakout, you’d like to see a higher low being formed.
Especially now when everyone is so bullish. pic.twitter.com/ApZTzvvX2V
July 28, 2021 — Michaal van de Poppe (@CryptoMichNL)
BTC Price Predictions
Following its performance over the last several days, the BTC/USD 4-hour chart is now very bullish. Bitcoin is now trading above its 4-hour 100-day simple moving average ($33,141), with many of its indicators also indicating a positive trend.
The MACD line is in the positive zone, while the RSI for Bitcoin is presently overbought. The top cryptocurrency seems to be trading comfortably above the 76.4 percent Fib retracement level of the decline from the $40,520 swing high to the $36,400 swing low.
4-hour chart of BTC/USD. Coinalyze is the source of this information.
Near the $40,500 mark, Bitcoin faces its first significant barrier. In the near term, a successful break above that area may see BTC approach the next resistance level, which is around $42,000. Bitcoin may hit $45,000 in the case of a sustained market rise, which would be a significant barrier level for the cryptocurrency.
If the market trend shifts, however, the bulls will have to defend the first significant support level around $38,800. If Bitcoin continues to fall, it may break through the $38,800 support level, putting the $37,500 support level into focus. Following its current performance, Bitcoin should be able to avoid falling below the $37,000 mark.
Bitcoin finally broke through $4000 again today, and is heading towards $40k for the first time in a week. But it’s not all about the price, it’s about how much your money is worth, and the answer is: not much.. Read more about btc news today and let us know what you think.
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