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Bitcoin on a Bullish Run $27,700: Buy Now?

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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 October 16, 2023 | 2 min
Updated on Oct 16, 2023
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  • Despite a 2.5% dip amidst shifting regulatory climates, Bitcoin remains promising, demonstrating a 1.24% recovery over 24 hours, with a value of $27,212.48 and a market cap of roughly $531.05 billion.
  • Technical indicators highlight a bullish trend for Bitcoin: RSI at 64 suggests bullish momentum, MACD’s positioning above its signal indicates potential upward movement, and the price slightly exceeds the 50 EMA at $27,132.
  • Current trends suggest Bitcoin may challenge the $27,946 resistance, especially if it maintains above the $27,255 mark, signifying continued positive market sentiment.

In the current landscape of evolving regulatory views and the increasing inclination of nations to incorporate Bitcoin into their reserves, the coin has witnessed a brief decline of 2.5%. While this downturn is significant, it’s set against a backdrop of positive developments hinting at a promising future for the digital asset. As per the latest figures, Bitcoin’s value is $27,212.48, marking a 1.24% upturn over the past day.

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

Bitcoin Price Prediction: Technical Outlook

In the current landscape of evolving regulatory views and the increasing inclination of nations to incorporate Bitcoin into their reserves, the coin has witnessed a brief decline of 2.5%. While this downturn is significant, it’s set against a backdrop of positive developments hinting at a promising future for the digital asset.

 

As per the latest figures, Bitcoin’s value stands at $27,212.48, marking a 1.24% upturn over the past day. The coin has showcased considerable momentum, boasting a trading volume close to $8.01 billion within these 24 hours. Continuing its reign in the crypto realm, the BTC/USD boasts a market cap of roughly $531.05 billion. Regarding its supply, about 19.52 million BTC are currently in circulation, steadily approaching its maximum limit of 21 million BTC.

 

On the technical front, insights from the 4-hour chart are revealing. Bitcoin’s current pivot point is pegged at $27,254. On the upside, resistance is observed at $27,946, followed by markers at $28,713, and then $29,430. On the flip side, the digital currency finds its initial support at $26,474, with subsequent layers at $25,770 and $25,002.

 

The RSI is recorded at 64, indicating a bullish bias, as numbers above 50 generally suggest bullish undertones. A value under 50 usually hints at bearish momentum. The MACD, a key technical gauge, registers its main line at 70, with the signal line trailing at 20. The MACD’s current positioning above its signal hints at potential bullish momentum in the offing. Supporting the bullish outlook is the 50-day Exponential Moving Average (50 EMA), currently at $27,132, with Bitcoin’s price slightly above it, signifying a positive short-term trajectory.

 

Concluding this assessment, Bitcoin’s prevailing trend appears bullish, particularly if it stays above the vital threshold of $27,255. In the short term, given the combined bullish signals, the coin might attempt to breach the $27,946 resistance mark.

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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