- Bitcoin Price went into a consolidation and has for the past 7 days been in a ranging zone.
- Investors are uncertain about the next move, even though fundamentally, BTC remains bullish.
- The price of Bitcoin (BTC) is $51,207 today.
- This represents a 0.9% price decrease in the last 24 hours and a 2.1% price decrease in the past 7 days.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 48.9%
- Bitcoin Market Cap: $1.005 trillion
- Total Supply: 21 million
- Circulating supply: 19.635 million
Bitcoin (BTC) dominance reduced in the past 7 days, indicating that altcoins have been running. Ether (ETH), the king of the Altcoins registered heavy gains, and broke past the $3,000 level, with other notable coins like Worldcoin (WLD) gaining immensely against BTC and USDT.
Previous Bitcoin Price Analysis
Last week, Bitcoin was bullish, even though the $53k level presented a resistance zone. The bulls showed some weakness after a candle with a long upper wick flashed on the 4-hour chart.
The fight was on between the bears and bulls. However, BTC entered into a consolidation, ranging between $53,015 and $50,600.
Bitcoin Price is Ranging, $55,000 or $48,900 Next?
Although currently in a range, BTC bulls are looking to hit the $55,000 psychological barrier soon.
Key support areas to watch for are $50,600, $49,600, $48,900, and $47,200 while key resistance areas to look for are $52,800, $54,100, and $56,000.
The 100-day and 200-day simple moving averages (SMA) provide strong support at $49,600 and $47,400.
Investors are looking for a catalyst to push BTC past the $50,000 resistance, after which all eyes will be on $60,000 and after that, the previous all-time high price.
Should the bulls win the fight in the current consolidation, expect to see BTC at $55,000 next week. If bears win, the asset could easily tumble down to $48,900.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.