- Bitcoin price has shown an incredible recovery from last week’s lows.
- Part of this recovery comes from the good news about the Fed not hiking interest rates.
- The price of BTC is $69,905 today, a 0.7% decrease in the past 24 hrs and a 6.6% increase in the past 7 days.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.7%
- Bitcoin Market Cap: $1.374 trillion
- Total Supply: 21 million
- Circulating supply: 19.667 million
BTC supply, price, market cap, and dominance are all up this week, signifying that the asset is gaining value against other cryptocurrencies. Bitcoin halving is fast approaching, now less than 23 days away and BTC price action is expected to be volatile come April.
Previous Bitcoin Price Analysis
Last week Bitcoin price on the 4-hour chart was trending below the 50-day moving average but above the $60,000 level. The 200-day moving average provided strong support for the price action.
The price of Bitcoin bounced off the 200-day moving average and is now rising higher. Bitcoin is making these volatile moves in the backdrop of Sam Bankman-Fried’s case coming to an end. SBF has been sentenced to 25 years in prison for causing one of the largest financial scandals in crypto history.
The ex-founder of FTX Exchange and Alameda single-handedly caused the loss of over $10 billion of customer funds.
Bitcoin Price Forms a Double Top, Lower Prices Expected?
On the 4-hour chart, BTC is forming a double top, which is not a good sign for investors. Double tops usually indicate the end of the bullish pattern and the start of a bearish one.
The asset has several support levels at the 50-day SMA, the 200-day SMA, and the $60,000 level.
If the 50-day moving average support holds water, Bitcoin is expected to move higher and hit the previous all-time high price of $73,000. This level also serves as a resistance for the price action and should BTC overcome it, the price could rise even higher and hit $78,615. This would mark a new all-time high price for the king of cryptocurrencies.
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.