Bitcoin’s price has experienced a decline of 2.70% over the past 24 hours, leaving the token’s market capitalization at $571,367,957,635.94. As of 6:55 p.m., Bitcoin is trading at $29,531.08, down from around $29,500 in the last day. This year, Bitcoin’s change stands at 78.33%.
On Sunday, Bitcoin began to sink and dropped to as low as $29,292 before slightly rebounding. Investors were encouraged by mildly upbeat inflation data last week, which led to Bitcoin’s price surging over $30,000 for the first time since last June. However, experts caution that this surge from $28,000 is largely untested.
Despite breaching $30,000, Bitcoin’s price is likely to look for support on the downside and potentially consolidate before another leg up. With Bitcoin recently hovering around mid-$29,000, most hourly indicators, such as the Relative Strength Index and Stochastic RSI, suggest a possible spike upward. For the bulls, a strong bounce from the $28,000 to $29,000 range and a reclaim of $30,000 in the coming days would be desirable.
However, Bitcoin’s price could also decline to $23,000 before rebounding. In that case, it may take longer for the upside to materialize. Coinglass data shows that traders who bet on shifts in price have liquidated over $32 million worth of BTC long positions since Sunday evening, compared to only $1 million of BTC short positions. These types of long squeezes tend to send prices lower. As with any investment, the cryptocurrency market comes with risks and uncertainties.
The information provided by CoinSharks is for informational purposes only and should not be taken as financial advice or a recommendation to buy, sell, or hold any asset.