The world’s most popular cryptocurrency, Bitcoin (BTC) made headlines today as its price dropped significantly, falling by 5.60% to $66,000. The sudden fall has left enthusiasts and investors wondering what caused such a fast decline.
This article goes over the weekly analysis, news summary, and prediction for the price of bitcoin.
Bitcoin Price Today
As of now, the price of Bitcoin is $66,147.27 USD, and during the past day, $41,987,701,036 USD has been traded. Our real-time BTC to USD exchange rate is updated continuously. The price of bitcoin has dropped 4.85% in the last day.
Currently holding the top spot, its market capitalization is $1,301,183,815,033 USD. Currently in circulation are 19,671,012 BTC coins, with a maximum supply of 21,000,000 BTC coins.
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Technicals
The Ascending Triangle Pattern is usually regarded as bullish and tends to break out. However, in an unexpected turn of events, it collapsed, and the price of $BTC has been falling ever since.
BTC’s trade setup is signaling a strong chance for a long position, thanks to a breakout from a Bullish Triangle pattern in an uptrend. Although the momentum indicators are giving mixed signals, with the bearish MACD below the signal line but a bullish RSI over 55, the strategy aims for a rise to $74K and then $79K once the breakout above $70K occurs. To minimize losses, a stop loss is set at $62K, while support levels are established between $56K-$59K and $50K.
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Predictions of BTC
Based on price changes at the beginning of 2024, it is estimated that the average price of Bitcoin will be $80,033 in April of 2024. The pricing range may start at about $70,420 and go up to $89,646 at the maximum. A possible outcome of this would be a 28% return on investment.
Price History
Over the previous week, there has been a decreasing trend in BTC, leading to a 7.3% fall. But in the last month, its worth has climbed by an astounding $6,993.13 due to a 6.7% increase in price. This increase suggests that Bitcoin might be a worthwhile investment.
On Mar. 14, 2024, 19 days ago, the highest price ever paid for Bitcoin (BTC) was $73,737.94. By contrast, the current price has dropped by 10.33% from this all-time high.
However, on July 06, 2013 (more than ten years ago), the lowest price ever paid for Bitcoin (BTC) was a meager $67.81. As opposed to this all-time low, the price is now a startling 97,411.34% higher.
With Bitcoin’s recent surge in value, this could be a fantastic opportunity to jump in and invest.