{"id":78040,"date":"2023-10-29T01:59:13","date_gmt":"2023-10-29T05:59:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/is-the-bullish-momentum-sustainable\/"},"modified":"2023-10-29T01:59:17","modified_gmt":"2023-10-29T05:59:17","slug":"is-the-bullish-momentum-sustainable","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78040","title":{"rendered":"Is the Bullish Momentum Sustainable?"},"content":{"rendered":"<div>\n<figure id=\"attachment_122364\" aria-describedby=\"caption-attachment-122364\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-122364\" class=\"wp-caption-text\"><span style=\"font-size: 16px\">In the ever-volatile world of cryptocurrency, Bitcoin has once again shown its resilience, with bullish traders maintaining the iconic coin\u2019s price firmly above the $34,000 threshold. <\/span><span style=\"font-size: 16px\">In the past 24 hours, it has witnessed a trading volume of an astounding $18.37 billion, although it faced a slight dip of 2%.<\/span><\/figcaption><\/figure>\n<p>Despite these fluctuations, Bitcoin\u2019s supremacy in the market is undeterred, holding firmly to its #1 position on CoinMarketCap. Its current market cap is a mammoth $665.9 billion.\u00a0Speaking of supply, 19.53 million BTC coins are in active circulation, with a capped limit set at 21 million BTC coins.<\/p>\n<p><span style=\"font-size: 16px\">Dive into our comprehensive <\/span>Bitcoin price prediction<span style=\"font-size: 16px\"> to unpack the factors influencing BTC\u2019s current stance and what the future potentially holds.<\/span>\n<\/p>\n<h2><strong>Bitcoin Price Prediction<\/strong><\/h2>\n<p>\nDiving 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.<\/p>\n<p>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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Daily Technical Outlook \ud83d\ude80:<\/p>\n<p>Current Price: $34,100<br \/>24h Trading Volume: $18.37B<br \/>RSI: 57 (Bullish Sentiment \ud83d\udfe2)<br \/>Price above 50-Day EMA ($32,800) indicating a short-term bullish trend.<br \/>Immediate Resistance: $34,500 Stay informed and trade wisely! \ud83d\udd0d\ud83d\udcca <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoUpdate?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoUpdate<\/a> <a rel=\"nofollow\" href=\"https:\/\/t.co\/otsCgCu7TA\">pic.twitter.com\/otsCgCu7TA<\/a><\/p>\n<p>\u2014 Arslan B. (@forex_arslan) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/forex_arslan\/status\/1718503413997289507?ref_src=twsrc%5Etfw\">October 29, 2023<\/a><\/p>\n<\/blockquote>\n<p>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.<\/p>\n<p>Additionally, the 50-Day Exponential Moving Average (EMA) for Bitcoin is recorded at $32,800. Since Bitcoin\u2019s current price floats above this EMA, it signals a short-term bullish trend.<\/p>\n<figure id=\"attachment_122266\" aria-describedby=\"caption-attachment-122266\" style=\"width: 1719px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-122266\" class=\"wp-caption-text\">Bitcoin Price Chart \u2013 Source: Tradingview<\/figcaption><\/figure>\n<p>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.<\/p>\n<p>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.\n<\/p>\n<h3>Summing Up<\/h3>\n<p>\nIn 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.<\/p>\n<p>Given the current indicators and market pulse, it\u2019s plausible that Bitcoin could attempt to test the resistance level of $34,500 in the ensuing days.<\/p>\n<p>However, it\u2019s 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.\n<\/p>\n<h2><strong>Top 15 Cryptocurrencies to Watch in 2023<\/strong><\/h2>\n<p>\nStay 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 <i>Cryptonews<\/i>, ensuring expert advice and critical insights for your cryptocurrency investments.<\/p>\n<p>Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.\n<\/p>\n<p><i><sup>Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication \u2013 cryptocurrencies are highly volatile investments with considerable risk, always do your own research.<\/sup><\/i><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitcoin-price-prediction-as-btc-bulls-keep-btc-above-34000-is-the-bullish-momentum-sustainable.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the ever-volatile world of cryptocurrency, Bitcoin has once again shown its resilience, with bullish traders maintaining the iconic coin\u2019s price firmly above the $34,000 threshold. In the past 24 hours, it has witnessed a trading volume of an astounding $18.37 billion, although it faced a slight dip of 2%. Despite these fluctuations, Bitcoin\u2019s supremacy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-78040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is the Bullish Momentum Sustainable? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"In the ever-volatile world of cryptocurrency, Bitcoin has once again shown its resilience, with bullish traders maintaining the iconic coin\u2019s price firmly\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=78040\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is the Bullish Momentum Sustainable? 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