Bitcoin Analysis: More High levels coming!

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Bitcoin (BTC) has been on a great surge lately! It is galloping towards greater levels and higher price charts.

In this article, we will analyse and try to find out the next direction of the biggest cryptocurrency.

Bitcoin Current Price Analysis

Bitcoin price is $37,767.36, a change of 6.28% over the past 24 hours. The recent price action in Bitcoin left the token’s market capitalization at $738,102,419,216.24. So far this year, Bitcoin has a change of 128.52%.

Bitcoin has experienced a slight retreat in the past day, dropping below the $36,500 support level. The next support level is seen at $35,000, followed by $33,000. On the upside, Bitcoin faces resistance at $38,000, $39,000 and $40,000.

Bitcoin Current Price Analysis

In short term we are looking at the breakout/breakdown.

Weekly Price Analysis

The Bitcoin price has been on a roller coaster ride in the past week, ranging from $34,000 to $38,000, as shown by the 7-day BTC/USD chart . The weekly change is 10.32%, indicating a bullish trend overall.

The Bitcoin price started the week with a surge to $38,000, breaking the previous resistance level. The rally was driven by positive news from the crypto industry, such as the launch of the first Bitcoin futures ETF in the US and the increased institutional and retail demand for Bitcoin.

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However, the Bitcoin price faced a correction in the middle of the week, falling to $34,000. The decline was attributed to profit-taking, regulatory uncertainty, and technical factors. The Bitcoin price found support at $34,000 and bounced back to $37,000, showing resilience and strength.

News Roundup

Here are some of the latest headlines from the crypto industry that are relevant to Bitcoin:

  • Tether Expands into Bitcoin Mining With $500M Investment: Tether, a company specializing in stablecoins, is preparing for a significant expansion into Bitcoin mining, with a planned investment of approximately $500 million. The investment will be used to acquire mining equipment, build data centers, and secure renewable energy sources.
  • Polygon Gas Fees Spike as Users Rush To Mint BRC20-inspired POL Token: Gas fees on Ethereum’s layer-2 Polygon network (MATIC) witnessed a significant surge, skyrocketing by over 1,000% and peaking at $0.10. The surge was caused by the high demand for the newly launched POL token, which is inspired by the BRC20 token standard and aims to bridge the gap between Ethereum and Binance Smart Chain.
  • Three Men Charged with Laundering $10M in Cryptocurrency Face Potential Prison Sentence: According to an announcement from the United States Attorney for the Southern District of New York, three individuals are facing accusations of laundering over $10 million in cryptocurrency. The defendants allegedly used a network of shell companies, bank accounts, and crypto wallets to conceal the source and destination of the illicit funds.

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Harsh Panghal
Harsh Panghal

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