Cryptocurrency is an ever-fluctuating market, and the Bitcoin price currently stands at $29,034, experiencing a growth of less than 0.10% in the last 24 hours. However, it is accompanied by a noticeable decrease in the daily trading volume, which has lowered to $4.5 billion. So, what could be the possible cause of this drop in trading volume and how will it affect Bitcoin’s future? This article provides a comprehensive Bitcoin price prediction by analyzing the prevailing market dynamics.
2024 US presidential candidate and Miami mayor, Francis Suarez, has made a significant step towards the mainstream acceptance of cryptocurrencies by announcing that his campaign will accept donations in various digital currencies, including Bitcoin. Such decisions by other political candidates mirror the increasing impact of cryptos on political funding. This could stimulate more attention and acceptance of cryptocurrencies, likely influencing BTC’s market dynamics.
As for Sunday, the BTC/USD pair appears to be within a narrow trading bracket, with resistance and support set at around $30,000 and $29,000, respectively. Technical indices such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a bearish outlook for Bitcoin. A Tradingview Bitcoin price graph shows a sustained downward trend, with the digital currency reaching a level of $29,100. This bearish momentum might continue, potentially pushing the price of Bitcoin even lower, possibly to the $28,700 level. It is likely that Bitcoin could find some support at this level in case of a downward move. If Bitcoin breaks through this support level, its next probable target could be the $28,200 level.
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It must be noted that the projects endorsed in this article are not the financial advice of the publishing author or publication. Cryptocurrencies are highly volatile investments, and it is advised to carry out your own research before investing.