Someone, somewhere, will use bitcoin to buy your house, your car, and your new camper van. Someone, somewhere, will give you a loan using the principles of bitcoin. Someone, somewhere, will use bitcoin to pay for your education, or buy an apartment for his new wife. Someone, somewhere, will have a savings account with millions of dollars in bitcoin. This is the power of bitcoin: the ability to make huge financial moves on a whim, and perhaps even have a permanent impact on the world.
Bitcoin is still holding onto its price gains from earlier this week, even though the SEC has postponed its decision on the Winklevoss Bitcoin ETF from September 30 to October 27. The recent rise in the price of Bitcoin has been attributed to increased demand from Japan, where the population is more exposed to cryptocurrencies.
Last week, the Bitcoin price rocketed to a new all-time high, breaking through the $3000 USD mark. At around the same time, the Bitcoin reddit was ablaze with predictions that the price would make a move above the $4000 USD mark by the end of the year.. Read more about crypto coin burn schedule and let us know what you think.
Summary of the situation- BTC rose yesterday.
- A low point was reached at the beginning of the week.
- The next resistance is at the $38,000 level.
The price analysis of bitcoin for today is bullish as the market started to rise yesterday after setting a higher low around $33,000. Therefore, we expect BTC/USD to hit the next resistance at $38,000.
Heatmap for crypto-currencies. Source: Coin360
The general market has been trading in the green for the past 24 hours. Bitcoin was up 2.53% and Ethereum was up nearly 5%. Uniswap (UNI) is one of the best performing companies, with growth of over 9%.
Bitcoin price movements in the last 24 hours
BTC/USD was trading in the range of $34,314 – $35,662, indicating significant volatility. Transaction volume remained relatively unchanged – about $25.5 billion. Meanwhile, the total market capitalization is $664.5 billion, representing a market dominance of 45.3%.
BTC/USD Four Hour Chart – Is BTC ready to rise?
On the 4-hour chart, we can see that the price of bitcoin has risen over the past 24 hours after hitting a low, suggesting that further increases are expected in the coming week.
Four hour chart of BTC/USD. Source: TradingView
In recent weeks, the market as a whole has moved sideways. After a significant pullback in May, support was eventually found around the $31,000 level. Then BTC/USD started moving sideways around $35,000 – $38,000, which is the middle of the trading range.
In mid-June, BTC/USD rose again and reached a new high of $41,000. This indicates that the bulls are building momentum to push the market higher. However, in the weeks that followed, there was no further growth and the price of the ETH/USD began to fall again.
Support at $31,000 was broken with a quick rebound to $29,000. The bitcoin price then began to recover and set higher lows and highs, marking another reversal for the overall price action structure.
This price trend led to a further drop to the $31,000 support level earlier this week. A foundation was laid from which to move forward, and BTC/USD began to push through to a new higher high around $38,000. Therefore, we expect BTC to move higher today and begin a more serious rally later in the month.
Bitcoin price analysis: Supplement
Bitcoin’s price analysis for today is bullish, as bulls have pushed the market higher over the past 24 hours after a much higher low earlier in the week. Therefore, we expect BTC/USD to rise early next week and reach the next resistance at $38,000.
While we wait for bitcoin to hit $38,000, read our latest guides on bitcoin commissions, the benefits of DeFi, and what you can buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Charting is a great tool to understand how a cryptocurrency works, and it’s a great way to predict price movements. Since the fundamental value of Bitcoin is still unknown, there’s a lot of debate as to the price it will reach. The general consensus is that the price will reach $40,000 USD before the end of 2018.. Read more about ethereum 2021 price and let us know what you think.
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