Bitcoin Price Prediction As $20 Billion Trading Volume Comes In – Where Is The BTC Bottom?
Bitcoin (BTC), the most valuable crypto token, has performed very poorly in recent days, which can be attributed to the FTX bankruptcy, which has caused the crypto market to suffer and contributed to Bitcoin losses, leading to a fall of around 20% in seven days to trade at the $16,789 level.
BTC fell to a low of $15,872 earlier in the session before rallying to a high of $16,864. Aside from the bearish crypto market, recent gains in the US dollar, which rallied against the euro and pound sterling on Monday, helped the decline in BTC prices.
Other notable cryptocurrencies that ended in the red included Ethereum (ETH), Dogecoin (DOGE), Solana (SOL) and Litecoin (LTC).
In contrast, Twitter CEO Elon Musk’s strong comments were seen as one of the key factors that helped the BTC coin limit its deeper losses.
Elon Musk, CEO of Twitter
Due to the prolonged market volatility following FTX’s decline last week, Bitcoin (BTC) began the week trading below $17,000. Following FTX’s fall, the market has struggled to find support; BTC has traded at this level during the day.
Twitter CEO Elon Musk expressed his views on the coin, causing it to deviate from the current support level of $15,800. Musk responded to Jason Calacanis’ tweet, saying, “BTC will make it, but it could be a tough winter.”
Bearish crypto market
Since the beginning of the week, the bitcoin market has been doing poorly. Bitcoin, the world’s largest and best-known cryptocurrency, fell nearly 5% today to trade at $16,103, as the weekend slide in cryptocurrency values continued.
According to the latest data, the total value of all cryptocurrencies in circulation today is $845 billion, which is about 5% less than $1 trillion. The price of Ether, the second largest cryptocurrency and a member of the Ethereum network, fell by more than 6% to $1,191.
Bitcoin and Ethereum are now trading in the red after a week of volatility. Bitcoin has regained the $16,000 level. Dogecoin was currently trading at $0.08, or 10% less than Shiba Inu, which was also trading at $0.000008.
Most cryptocurrencies fell over the weekend as markets reacted to the latest FTX hack news. The collapse of FTX CEO Sam Bankman’s crypto Fried empire has damaged investor confidence in digital assets, and the crypto market has lost approximately $200 billion in value in the past week.
The value of digital currency assets has fallen this year, and FTX is the latest bitcoin company to face financial difficulties. As a result, the bearish crypto market has had a significant negative impact on BTC so far.
Stronger US dollar
After falling to multi-month lows on Monday, the broad-based US dollar maintained its early bullish bias and took some further bids against the euro and pound.
Traders said the market overreacted to a smaller deficit in US inflation and the prospect of a less aggressive rate hike by the Federal Reserve faded.
As a result, the strong US dollar was seen as another major factor keeping BTC under pressure.
Bitcoin price prediction
The current price of one bitcoin is $16,333, with a 24-hour trading volume of $42 BTC. Bitcoin has risen by 0.66% in the last 24 hours. Bitcoin is currently the most valuable cryptocurrency, with a market cap of $322 billion. There are now 19,207,118 BTC coins in circulation, with a max of 21,000,000 BTC coins.
Bitcoin has risen above the $16,000 support level to regain the $18,000 level. Currently, it is consolidating in a narrow trading range, a breakout of which will determine further price action.
Bitcoin is consolidating in a broad trading range of $18,000 to $16,000, with a breakout determining future price action. In the 4-hour time frame, Bitcoin has completed a 38.2% Fibonacci retracement at the $18,100 level and it is now stable.
A positive crossover occurs when the price rises above $18,100. This level could expose the Bitcoin price to the 61.8% Fibonacci level of $19,350.
Bitcoin could fall below $15,965 if it fails to break through the 38.2% Fibonacci retracement level at $18,250.
MACD, a leading technical indicator, has entered the buy zone, but the 50-day moving average and RSI have not. If the closing candles fall below $18,000, BTC may continue to fall, with support at $16,000 and 15,850.
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