Bitcoin is again back to bullishness after rate cut by Fed and is now aiming for higher targets.
In this article, we will look at BTC next target along with weekly analysis and news roundup.
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BTC Price Analysis
- Current Price: $63,002
- Market Cap: $1.24 trillion
- 24h Trading Volume: $25.25 billion
- Total Supply: 21 million BTC
- Circulating Supply: 19.76 million BTC
Bitcoin continues to hover around the $63,000 level, maintaining stability after earlier peaks and dips seen in the previous months.
Weekly Price Analysis
Over the past week, Bitcoin has seen steady gains, with a 7-day price change of +9.29%.
- Week Open Price: $57,627
- 7-Day Change: +9.29%
- Highest Price This Week: $63,459
- Lowest Price This Week: $55,800
The bullish sentiment in the market is largely driven by macroeconomic factors, including interest rate cuts by the U.S. Federal Reserve.
News Roundup
- Fed Rate Cuts: Federal Reserve rate cuts have supported the bullish momentum in Bitcoin.
- Increased Adoption: Several major retailers and financial institutions have started accepting Bitcoin as payment.
Technical Indicators
- Relative Strength Index (RSI): Currently around 60 .
- Moving Average Convergence Divergence (MACD): The MACD line is above the signal line.
- Bollinger Bands: The price is testing the upper band, suggesting that BTC could be overbought in the short term.
For the near term, continued bullish momentum is likely, with key resistance levels around $64,000 to $65,000.
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