Bitcoin Faces Resistance From 100 DMA; All investors’ eyes are on BTC!
The changing economic conditions and the control over the traditional currency system create the perfect sense of growth for BTC’s acceptance. Bitcoin is the crypto king without conflict; this statement explains the momentum against BTC as it hits new lows during a bear market.
Enthusiasts expect BTC to make a turnaround and move towards a much higher grade than its current ATH. BTC is quite distant from this projected price and will require a huge upside move to reach close to the six-figure value.
Bitcoin currently has a market cap of $450,732,261,171, making good gains in July 2022. Resistance encountered during the previous upside move on July 20 near the $24,200 mark has reiterated its sell sentiment as BTC failed to sustain the gain of $24,439 on July 29, 2022. .indicates a new emerging resistance zone near this level, which BTC needs to surpass to continue towards a bull run.
After months of consolidation, Bitcoin has finally shown some backbone to maintain its dominant growth in the cryptocurrency ecosystem. With limited upside movement left to test the 100 EMA, Bitcoin could express a major breakout soon. Ours Bitcoin future predictions will help you identify how the token will perform under the current circumstances.
Bitcoin’s daily charts show an increase in transaction volumes that appeared from the beginning of July 2022. The last 29 days of trading have shown increasing transactions with much higher volumes than ever seen since 2020. This unusually high trading may result in the liquidation of previous owners which has created a consolidating price pattern in the short term.
After breaking the short-term resistance at $24200, BTC will face another resistance in the form of its 100-day exponential moving average. Another resistance for BTC is high at $32701, which is the breakdown resistance level during the May 2022 panic sell. Support for this price action at $17831.
The transaction volume should be considered as a strong indication of the change in the hands of BTC tokens. Be it for betting or booking of profit; this action has led to the increase in BTC token value. Last week met resistance at the top, resulting in an upper shadow; despite a negative start, the current week managed to emerge victorious, pushing the Bitcoin value above $24,000 for the second time since June 13.
As the RSI indicator can be seen moving upwards even in the weekly charts, the MACD indicator is also on track to create a bullish crossover. Such an indication would encourage buyers to get their hands on BTC, creating a demand for this token. Long-term chart support also finds its roots at $17831, similar to the short-term price action.
