BTC Price Moves To Attain New Position, To Hit $34,000
A recent cryptocurrency update indicates that Bitcoin (BTC) is about to break out of its trading range, potentially indicating a rise in price to $34,000. The BTC price declined on July 4th after crossing the $31,250 range resistance mark.
According to technical data from CoinGape, if Bitcoin can break above the $31,250 mark, it might open the door for a swift 5% price increase. Investors and traders are closely watching this potential breakout since it might provide the top cryptocurrency with a big boost in bullish momentum.
The price of Bitcoin has fluctuated between $31,250 and $29,640 during the last two weeks, trading in a sideways pattern. Market participants anticipate a significant move that might define the direction of Bitcoin’s price shortly due to this consolidation phase.
Market signs indicate that a range breakout is about to occur, with a current intraday trading volume of $11.76 billion for bitcoin, representing a 27.5% fall. Current market momentum shows traders wait for a clear breakout signal before committing to major positions. As it stands, the market’s cautious mood is blamed for the fall in trading activity.
Brian Bollinger, an analyst with CoinGape, believes that if Bitcoin can surpass the $31,250 range barrier level, it can increase buying activity. Considering the market volatility, Bollinger also predicts that this increase might raise the cryptocurrency price to $34,000.
Bitcoin Price Market Analysis: Movement Still Unstable, Fluctuates
The bitcoin price is $31,149.96 as of press time, with a total trading volume of $15.67 billion in the last 24 hours. It slowed down by -0.72% in the last 24 hours as against the previous -0.44%, a $31,287.55 decline from the last seven days.
Data from Crypto.com also shows that before its $31,287.55 position, the BTC also had a 4.54% movement, representing $29,797.59. BTC currently has a total circulating supply of 19.42 million BTC, with 21 million BTC in maximum supply.
The month of July has experienced substantial swings in the price of Bitcoin, including both quick increases and abrupt drops. Bitcoin enthusiasts have forecasted the upcoming range breakout and projected it to $34,000 in what appears to be an “inspired confidence” forecast – and has maintained a market capitalization of $1,230.02 billion.
Analysts and traders are constantly watching the price movement and market trends of Bitcoin as the activities in the market intensify. The outcome of the upcoming range breakout might have profound effects on the larger cryptocurrency market, affecting players’ attitudes and investment choices.
Bollinger also speculated that a potential fall in the bitcoin price might cause it to decrease by 3% hence, hitting the $29,640 price mark (again). This, he said, will allow traders to pull back and accumulate as much coin as they can, getting ready for the next bill run.
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