Bitcoin Price Prediction as BTC Retraces to $34,000 Support – When is the Next Leg Up?
Bitcoin price prediction has become the talk of the crypto community as BTC recently retraced to a crucial $34,000 support level. Amidst an array of fundamental changes in the cryptocurrency landscape, from the U.S. SEC’s ongoing review of Bitcoin ETP proposals to the U.K.’s stringent crypto regulations, the leading digital currency showcases its resilience.
Not to mention, significant asset transfers from FTX’s bankruptcy estate have further stirred the pot. As Bitcoin hovers around this pivotal price point, traders and investors are keenly watching for signs of the next potential surge.
With the market’s dynamics constantly evolving, the question on everyone’s mind is: when will Bitcoin embark on its next leg up?
Bitcoin is presently trading at $33,960. Over the last 24 hours, it has experienced a minor setback of about 1%, with its trading volume standing impressively at approximately $16.5 billion. As the unrivaled king of cryptocurrencies, Bitcoin retains its #1 position on CoinMarketCap.
The current market capitalization is a staggering $663 billion. The circulating supply of Bitcoin is noted at 19.525 million BTC, steadily approaching its maximum threshold of 21 million BTC.
The pivotal point for Bitcoin sits at $33,920, which is recognized as the 23.6% Fibonacci retracement level. On the upside, the immediate resistance is pegged at $35,185, with subsequent resistances at $36,100 and $36,975.
On the downside, immediate support is found at $33,130 (38.2% Fibonacci retracement level). Further supports are identified at $32,460 (50% Fibonacci retracement level) and $31,825 (61.8% Fibonacci retracement level).
The RSI currently stands at 60. This is a momentum oscillator that measures the speed and change of price
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