Bitcoin’s recent price have it onto an all-time high, primarily supported by positive regulatory expectations and the anticipation of new policies from major economies like the U.S.
In this article, we will talk about latest bitcoin target along with weekly analysis and news roundup.
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Latest BTC Price and Market Overview
- Current Price: $80,230
- Market Cap: Approximately $1.53 trillion
- 24-Hour Trading Volume: Around $58 billion
- Circulating Supply: 19.51 million BTC
- Total Supply: 21 million BTC (max supply)
Prices has broken above $74K resistance (prior ATH) and is likely to march higher towards $100K over the next 6 months. It’s also broken out of a Channel Up pattern.
Since this is fresh new territory for BTC, we used Fibonacci Extensions to identify possible targets and resistance levels along the way to $100K. These are: $81.6K and $90.7K.
Weekly Price Analysis
Bitcoin has experienced sustained growth with significant price fluctuations, attributed largely to renewed institutional interest and positive sentiment around crypto-friendly policies following the recent U.S. presidential election.
- Past Week High: $79,000 USD
- Past Week Low: $74,500 USD
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
Momentum: Price is Overbought currently.
Support and Resistance: Nearest Support Zone is $67,000.00, then $64,400.00.
Indicators
- RSI (Relative Strength Index): Hovering around 68, indicating a slight overbought condition.
- MACD (Moving Average Convergence Divergence): Showing bullish signals.
Recent Bitcoin News
- Increased Institutional Interest: Major institutions have shown rising interest in Bitcoin ETFs, with record inflows of over $1 billion for Bitcoin ETFs in recent months.
- Political Influence: Bitcoin has seen a positive response to the U.S. election results, with analysts anticipating regulatory clarity.
- Mining Innovations: Developments in sustainable Bitcoin mining continue, with firms investing in greener energy sources to offset environmental impacts.
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