BTC Price Analysis: Red Day as We See Bitcoin Bounce $53k Support
The total market capitalization of all cryptocurrencies was around $215 billion as of Friday morning, down from a high of over $240 billion on Wednesday, according to CoinMarket sellers were active on Friday, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $53,000 could stabilize the current pullback.
Bitcoin (BTC) was trading at around $54,800 on Friday morning, down from a high of over $64,000 earlier.
The overall market sentiment seems to have flipped negative, however, despite a number of new projects and developments are coming to light.
For example, the bitcoin network's Lightning Network is now said to be processing 100 bitcoin transactions per second.
Other developments include Coinbase cracking down on accounts using bitcoin to send money abroad, and moves by Uniswap working with various security firms.
Nonetheless, bitcoin's price continues to be buffeted by news events and sentiment swings.
The market will likely continue to be highly volatile in the near term. The moving averages indicate bitcoin is still trading within a bullish market, and bitcoin will likely face strong resistance near $63,000 but also hodl the current support.
A short-term bitcoin price bounce back toward $53,000 could also be seen as bitcoin is trading around the psychological support of $55,000.
For now bitcoin may continue to range between $50,000 and $60,000 until a breakout occurs.
Bitcoin Support and Resistance: Market Cap Impacts
The support around $53k looks to be holding well. The market has been in a downtrend recently, but bitcoin is still trading within the bullish market that has been in place for the past few months. If this support level breaks, bitcoin could easily fall to $50,000 or lower.
The resistance at $63k is also significant as this price was the top of the market in late January. If bitcoin can't break through this resistance level, bitcoin could easily fall to $55k or even lower.
Posted Using LeoFinance Beta
There are a lot of Bitcoin investors that expect Bitcoin to reach 100K USD in the new year. Honestly, I do not see it happening.
Every time Bitcoin gets a nice swell in value it is always met with investors just dumping it to eke out a profit. That quick flip mentality is causing Bitcoin to have a 2 steps forward 1 step back type of progression :-)