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Bitcoin (BTC/USD) Dips to $48,100 Amid Market Uncertainty

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on February 12, 2024 | 1 min
Updated on Feb 12, 2024
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  • Bitcoin’s slight decline to $48,106.45 underscores market caution amid a $944 billion market cap dominance.
  • Resistance at $50,578 and $52,792 key for upward movement; support at $44,165 critical for stability.
  • Tweezers top pattern signals potential sell-off risk, with market sentiment awaiting clearer directional indicators.

In today’s daily crypto update, Bitcoin’s market performance reveals a slight downturn, marking a current price of $48,106.45 with a 24-hour trading volume of $19,464,650,503. Despite this minor decline of 0.52%, Bitcoin maintains its dominance as the leading cryptocurrency, boasting a live market cap of $944,109,603,451. With a circulating supply nearing its maximum at 19,625,425 BTC coins, the digital currency’s movements are closely watched by investors and enthusiasts alike.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

Navigating through the technical landscape, Bitcoin currently wrestles with key price levels that dictate its short-term trajectory. The pivot point stands at $46,379, serving as a baseline for the asset’s resistance and support dynamics. Immediate resistance levels are identified at $50,578, $52,792, and a more distant $56,838, suggesting potential hurdles in Bitcoin’s path to recovery.

 

Conversely, support levels at $44,165, $40,043, and $37,829 offer a cushion should the price retreat further. The technical indicators provide a mixed sentiment; the Relative Strength Index (RSI) is at 68, hinting at a slightly overbought condition, while the MACD shows a divergence of 930, indicating potential shifts in momentum. Additionally, the 50-Day Exponential Moving Average (EMA) at 45,744 could play a pivotal role in determining Bitcoin’s next move.

 

A particular pattern of interest is the formation of a tweezers top candlestick pattern around the $48,600 level, signaling a possible selling trend if Bitcoin fails to break through this resistance. This pattern underlines the current market hesitancy and suggests that traders are awaiting clearer signals before committing to a directional bias.

 

In conclusion, while Bitcoin’s current stance below $48,600 fosters a bearish outlook, the cryptocurrency’s resilience and the broader economic and regulatory landscape continue to influence its valuation. Market participants remain vigilant, watching for any significant developments that could sway the digital asset’s price trajectory. The path forward for Bitcoin seems to tread cautiously, with resistance levels keenly eyed for any signs of a decisive market move.

Conclusion: Bitcoin is likely to offer a sell trade below $48,600 and buying can be seen upon breakout of $48,600 on the upside. 

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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