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Bitcoin Surges to $28,600: Further Gains Incoming?

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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 18, 2023 | 2 min
Updated on Oct 18, 2023
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  • Bitcoin trades at $28,498.50, with a market cap of $556.20 billion.
  • Key resistances are at $28,634, $29,258, and $29,911, while supports are at $27,712, $27,144, and $26,576.
  • BTC remains bullish above $28,650, targeting immediate resistance levels in the short term.

Bitcoin’s supremacy in the cryptocurrency realm is undeniable. Its paramount position on CoinMarketCap stands as a testament to its influence. As of the current analysis, Bitcoin commands a price of $28,498.50, backed by an impressive 24-hour trading volume of $13.78 billion. Furthermore, its market clout is evident with a capitalization of $556.20 billion. Notably, the circulating supply is approximately 19.52 million BTC, inching closer to the definitive cap of 21 million BTC.

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

Bitcoin Price Prediction: Technical Outlook

Delving into the 4-hour chart paints a picture of Bitcoin’s potential trajectory. Several critical price benchmarks emerge. The pivot point for Bitcoin is at $28,141. The immediate resistance level is $28,634, followed by another at $29,258, and then a third at $29,911. On the support side, the first level to watch is $27,712, which is then followed by $27,144, and finally, $26,576.

 

Further analysis of the technical indicators provides nuanced insights:

The Relative Strength Index (RSI) is currently at 71, which indicates an overbought scenario. A value above 70 typically warns of a forthcoming reversal, while anything below 30 might indicate a ripe buying opportunity. The Moving Average Convergence Divergence (MACD) is at 107.0000 with its Signal line at 318.0000, which showcases a discernible divergence. In essence, when the MACD breaches the signal line, it often portends a bullish momentum. The 50-Day Exponential Moving Average (EMA) is positioned at $27,611, and Bitcoin’s current rate above this mark signals a short-term bullish inclination.

 

Regarding chart patterns, potential formations such as a symmetrical triangle or an upward channel warrant attention. A decisive break on either side of these patterns could be a harbinger of the coin’s future direction. From a broader, fundamental standpoint, the market remains vigilant. Factors such as macroeconomic fluctuations, alterations in regulatory landscapes, or pivotal blockchain innovations can sway Bitcoin’s valuation considerably.

 

To wrap up, Bitcoin’s current posture suggests bullishness, particularly if it solidifies its stance above the $28,650 threshold. In the ensuing phase, market aficionados should anticipate Bitcoin’s dance around the $28,634 resistance. It’s imperative to keep a close eye on both the technical charts and the larger market narrative for a comprehensive prediction.

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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