Bitcoin Price Prediction as BTC Bulls Keep BTC Above $34,000: Is the Bullish Momentum Sustainable? Despite these fluctuations, Bitcoin’s supremacy in the market is undeterred, holding firmly to its #1 position on CoinMarketCap. Its current market cap is a mammoth $665.9 billion. Speaking of supply, 19.53 million BTC coins are in active circulation, with a capped limit set at 21 million BTC coins. Dive into our comprehensive Bitcoin price prediction to unpack the factors influencing BTC’s current...

Despite these fluctuations, Bitcoin’s supremacy in the market is undeterred, holding firmly to its #1 position on CoinMarketCap. Its current market cap is a mammoth $665.9 billion. Speaking of supply, 19.53 million BTC coins are in active circulation, with a capped limit set at 21 million BTC coins.

Dive into our comprehensive Bitcoin price prediction to unpack the factors influencing BTC’s current stance and what the future potentially holds.

Diving into the daily chart for our analysis, the pivot point for Bitcoin is marked at $33,920, which interestingly coincides with the 23.6% Fibonacci retracement level. As for resistance levels, the immediate resistance lies at $34,500, followed by $35,250 and then at $36,150.

On the flip side, immediate support is expected at $33,000, which aligns with the 38.2% Fibonacci retracement level. This is trailed by support levels at $32,450 and $31,800, mirroring the 50% and 61.8% Fibonacci retracement, respectively.

???? #Bitcoin Daily Technical Outlook ????:

Current Price: $34,10024h Trading Volume: $18.37BRSI: 57 (Bullish Sentiment ????)Price above 50-Day EMA ($32,800) indicating a short-term bullish trend.Immediate Resistance: $34,500 Stay informed and trade wisely! ???????? #BTC #CryptoUpdate pic.twitter.com/otsCgCu7TA

— Arslan B. (@forex_arslan) October 29, 2023

From a technical standpoint, the Relative Strength Index (RSI) value stands at 57. This value, slightly above the midpoint, reflects a bullish sentiment in the market, showcasing a prevailing buying momentum.

Additionally, the 50-Day Exponential Moving Average (EMA) for Bitcoin is recorded at $32,800. Since Bitcoin’s current price floats above this EMA, it signals a short-term bullish trend.

Observing the daily chart patterns, Bitcoin seems to be in a strong position, staying consistently above a double bottom support level of $33,450. Moreover, the 23.6% Fibonacci level is holding back any substantial downtrend.

An evident red box on the chart indicates a phase of consolidation, suggesting that investors might be on the lookout for a solid reason to trigger a significant breakout.

In conclusion, the overarching trend for Bitcoin leans bullish, especially if it manages to hover above the $33,900 threshold. Conversely, if it breaches below this level, a bearish trend might be on the horizon.

Given the current indicators and market pulse, it’s plausible that Bitcoin could attempt to test the resistance level of $34,500 in the ensuing days.

However, it’s essential for traders to be vigilant, considering both the technical markers and global market conditions, as the crypto domain is notoriously volatile. Making informed decisions based on a mix of these indicators is always the most prudent approach.

Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.