- Bitcoin price was unable to break above $70,000 even with the launch of the Runes protocol on the Network.
- The price of BTC is $64,371 today, a 0.7% increase in the past 24 hrs and a 0.3% decrease in the past 7 days.
- Bitcoin fees hit the highest in history in the past 5 days following the Bitcoin halving and Runes protocol launch.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 50.9% ⬇
- Bitcoin Market Cap: $1.268 trillion ⬆
- Total Supply: 21 million
- Circulating supply: 19.690 million ⬆
After Bitcoin haling on April 20, 2024, BTC supply has gone up by only ~4,000 BTC. Previously, Bitcoin increased by 6,000 – 7,000 BTC per week. As the network settles this number should settle between the 3,000 – 4,000 BTC per week range.
Previous Bitcoin Price Analysis
Last week the price of Bitcoin was at the lower support level of the two-month range. The price action was below the 50-day moving average but still using the lower boundary of the range as a support.
This week, Bitcoin has moved higher, registering a 0.3% increase in price over the past 7 days. While this is not much, the price action is tightly hugging the 50-day SMA and even briefly moved above it.
Bitcoin May Add 14% As It Tries to Break Out of the Ranging Zone
The price action of Bitcoin is interesting, being mostly bullish. The price has sustained well above the $62,467 pivot level as volume has tapered off following the Bitcoin halving event.
Bitcoin is expected to trend higher and test the upper boundary of the channel. This would add 14% to Bitcoin’s value, setting it at around $73,000.
It is still early to predict whether BTC will be able to break above the channel which has persisted for 58 days now.
The recent attacks on the cryptocurrency world by the SEC seem to have stagnated the momentum of Bitcoin. This was expected and investors can only hope the price won’t drop.
Major levels to check out include $76,000, $82,000, and $91,000. Should bearish news break out, Bitcoin could drop to $53,000 47,000.
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.