With Bitcoin and Ethereum trapped in narrow ranges for some time, investors are wondering if the two biggest cryptocurrencies can break out and hit new highs. Despite the recent volatility, a number of optimistic indications indicate that BTC and ETH may be preparing for a large surge.
Let’s look at the key cryptocurrency market fundamentals that can be influencing the overall price movement.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 24,660.95 |
Bitcoin Price Prediction
Bitcoin currently costs $24,756 and has a $18.7 billion 24-hour trading volume. Less than 0.50% more has been paid for Bitcoin in the last day. According to CoinMarketCap, Bitcoin, the first-placed cryptocurrency, has a live market valuation of $477 billion. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,295,475 BTC coins.
The BTC/USD pair maintained a small range between $24,400 and $25,250 on Sunday as it traded sideways. The Bitcoin price may be exposed to a bullish breakout of the $25,250 barrier, exposing it to $26,000 or $26,450.
The immediate support for Bitcoin is at $24,300, and a breach below this level could drive the price of BTC as low as $23,750 or $23,300. A further breach of the $23,300 barrier would push Bitcoin farther lower, towards the $22,850 level.
The RSI and MACD indicators both show investor irrationality, and the overall trading bias is neutral. Investor uncertainty is also indicated by the Doji and spinning top candles’ 4-hour candlestick closing patterns. For purchasing possibilities, it is advised to keep a watch on the $24,300 level, and vice versa.
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