- Bitcoin price analysis is bullish for today, up by nearly 2% in the last 24 hours.
- BTC is set to regain the $1 trillion market cap level
- The resistance at $53,000 remains unbroken
Bitcoin, the world’s biggest cryptocurrency, is already up by nearly 2% in the last 24 hours and needs to break above $53,000 to confirm its uptrend. In order to break above this level, a huge surge in trading volume is also needed.
The chart for Monday was initiated at $50,775, while the daily high was witnessed at $51,150. On the other hand, the lowest price for today stands at $50,449. Comparatively, Bitcoin peaked at $51,150 for the week starting 27 December.
The data from CoinMarketCap shows that the market movement is sluggish as the trading volume dropped by 0.98% while the market cap for the token stands at $993 billion, a 2.18% rise from yesterday.
Bitcoin price analysis on the weekly chart
Important indicators of the price action show that the token needs to break above the $53,000 to confirm the uptrend and continue towards breaking the current all-time high at $69,000.
The key Moving Averages of 50-day and 100-days are currently below the price action for Bitcoin, which act as very optimistic psychological support levels. However, volatility is the price you pay for performance.
The RSI level rests around the 50-level, which is a neutral zone for the price action, and in order to break into an uptrend, the bulls need to take charge and take the RSI levels higher.
Bitcoin price analysis further shows that an engulfing weeklycandle witnessed on Sunday might prove beneficial for the price action. The MACD indicator that underwent a bearish divergence a few days ago might soon witness a bullish divergence if similar market sentiment remains in charge.
While PlanB’s recent prediction of Bitcoin reaching $98,000 for November and $135,000 for December failed, in a recent interview, he claims that by the end of this bullish cycle, $100,000 is possible for Bitcoin. If this were true, buying BTC should be your next move.
It seems that we need to wait and see how things go for Bitcoin, but as per PlanB’s Bitcoin price analysis, BTC will reach $1 million by the end of the next bull cycle.