Bitcoin price experienced an unexpected move to the upside this week, catching the market unawares. The asset rose and touched a high of $43,733 before colling off from the run. The price of Bitcoin (BTC) is $43,193 today. This represents a +2.5% price increase in the last 24 hours and a +7.9% price decrease in the past 7 days.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 48.9%
- Bitcoin Market Cap: $846.498 billion
- Total Supply: 21 million
- Circulating supply: 19.615 million
Bitcoin dominance rose this week, accompanied by a huge boost in its market cap. The increase in market cap was attributed to the rise in the past week’s price and the addition of over 6,000 BTC into circulation. Compared to last week, around 3,000 BTC were added to the supply, and BTC emission is up 50%.
Previous Bitcoin Price Analysis
Last week Bitcoin showed signs of weakness, threatening to move downward at the slightest provocation. The price was steadily below the 50-day moving average and also hanging outside the one-month-long consolidation zone.
However, BTC pulled a 180-degree turn on the market and began heading back up. As of the time of writing Bitcoin is firmly inside the ranging zone.
As pointed out in the chart the breakout lower from the consolidation zone proved to be nothing but a liquidity hunt by smart money.
By now, a clear pattern is beginning to emerge, and it involves ranges and stop hunts – a clear smart money tactic of accumulating liquidity before pushing the price higher.
What to Expect from Bitcoin Price Action for the Coming Week
Bitcoin is currently trending above both the 50-day and 200-day moving averages which is a bullish sign for BTC. BTC is expected to continue with trend upwards going into next week.
Bollinger Bands indicators mark out an expected target of $45,460, which is just above the supply zone of the range.
Serving as a small stop hunt, the asset is expected to correct back to the middle Bollinger band (around $42,428) before bouncing off it and heading higher.
The overall performance of Bitcoin is based on whether the market makers are done accumulating. If yes, we could see BTC rise to reclaim the previous yearly high of $49,048.
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.