The price of Bitcoin, the most valuable cryptocurrency, is still ranging between support around $27,000 and resistance, probably at $29,000. In the previous day, the price of Bitcoin stayed almost steady, while Dogecoin surged and broke through $0.1 after Elon Musk, the CEO of Twitter, changed the Twitter home button to a graphic with a dog theme.
With gains of more than 25.6% during a 24-hour period, the biggest meme currency restored its ranking in the top 10. The market capitalization of DOGE is currently $7.2 billion, while over the same time period, trading volume reached $5.6 billion.
With bullish sentiment, the price of bitcoin is forming support
In March, the price of bitcoin reached a record high for a decade following a strong performance that had an influence on most international markets in the midst of the American financial crisis. The biggest cryptocurrency is maintaining steady inside a tight, constrained range between $27,000 and $29,000.
Despite Dogecoin being the main protagonist of the positive story on Tuesday, Bitcoin price may be on the verge of another bullish breakthrough, particularly if its immediate support between $28,000 and $28,200 holds.
The creator of the open-source decentralized finance (DeFi) technology 0VIX, Garry Krugljakow, asserts that BTC « kept continuing its macro-trend before Doge » and that this view has not altered, pointing to an impending favorable result.
According to Krugljakow, as quoted by Bloomberg,
BTC had a nice monthly and quarterly finish Sunday night, thus it kept continuing its macro-trend already before Doge and is currently trading in a range while creating support on the basis of a more optimistic attitude generally in crypto and risk assets.
It is still unclear whether Musk is sincere about utilizing $DOGE for payments or whether he is simply acting as usual. « Doge has definitely led the narrative in the past 24 hours, » Krugljakow added.
Despite US regulatory agencies tightening their control over the industry in an effort to prevent a repeat of the FTX collapse and perhaps the banking crisis that primarily affected banks providing crypto-focused financial services, bitcoin’s recovery from the general declines in 2022 has elevated it to become the best-performing asset in Q1 2023.
The second-largest cryptocurrency, which is up 56% year-to-date, continued to move in the same direction as its more established brother BTC. Considering that the Shanghai upgrade will go into effect in less than two weeks, experts predict a greater breakout.
The fact that BTC and ETH can achieve those results in the face of such formidable headwinds is evidence that the tailwinds are much more potent, according to Noelle Acheson, editor of the « Crypto Is Macro Now » newsletter.
Investors will withdraw ETH placed in the Beacon Chain smart contract for the first time following the switch to the proof-of-stake (PoS) method.
As the price of bitcoin stabilizes, focus is shifting to how future actions by ordinary investors will be taken. They have had a significant role in raising costs during the past three months.
Investors will withdraw ETH placed in the Beacon Chain smart contract for the first time following the switch to the proof-of-stake (PoS) method.
As the price of bitcoin stabilizes, focus is shifting to how future actions by ordinary investors will be taken. They have had a significant role in raising costs during the past three months.
Adam Farthing of B2C2 stated in a written statement that « Crypto majors have been rangebound, » with Bitcoin fluctuating between $27,000 and $29,000.
The only other really notable characteristic is one of declining volumes, which may be expected in a range-bound market but may not be a healthy signal, as it could be interpreted as a sign that there are no new buyers at current levels.
The next breakout for bitcoin is anticipated to reach $38,000
Following the current pullback, two major levels may influence where Bitcoin price will go next. A break over $29,000 is expected to pave the way for advances above $30,000 and then to $38,000.
On the other hand, a break and hold below support at $27,000 may start a chain reaction as Bitcoin’s price falls to rest support at $26,000 and potentially $24,000.
Relative Strength Index (RSI) data indicates that bulls are working hard to retake control, but this effort must first result in a purple RSI crossing above a yellow moving average.
Retail traders are presently waiting for a verifiable breakout over $29,000 and, more significantly, $30,000. They are avoiding the nearly untradable turbulent market and are just observing from the sidelines.
Similar to this, the 100-day Exponential Moving Average (EMA) (the blue line) has solidified its position above the 200-day EMA (the purple line), suggesting that the uptrend is still ongoing.
This type of pattern, known as a « golden cross, » occurs when a shorter-term moving average crosses over a long-term one and frequently causes a persistent increase in the price of the traded item.
The Bollinger Bands on the four-hour chart assist better depict the sideways movement of Bitcoin. Traders frequently use this indicator to determine the market’s volatility and if an asset is overbought or oversold.
The market is said to be « quiet » while the bands in the tool are contracting, and « loud » when the bands start to grow.
This indicator’s « Bollinger Bounce » is one of its important features since the upper and lower bands often serve as support and resistance. The price of Bitcoin is now in the midst of a bounce from the lower range, according to the chart.
If the middle line is broken, it means that the price of bitcoin is getting ready to close the gap to $29,000, from which point it might continue to rise above $30,000, supported by new momentum from small retail investors who might still be awaiting a breakout confirmation before activating their buy orders.
The positive technical outlook for the price of bitcoin is supported by the Moving Average Convergence Divergence (MACD), which provides a purchase signal when the MACD line in blue crosses above the signal line in red.
Bitcoin Alternatives
As they make portfolio adjustments following the first quarter of the year, investors may want to take a look at some of the best cryptocurrencies to buy. In contrast to Bitcoin, which most investors would find to be prohibitively pricey, some of the tokens featured below provide cheap entry points.
The staff at InsideBitcoins evaluates the top crypto presales every week because they have a superior risk-reward ratio.
The first item on the list, Love Hate Inu, distinguishes out from the others due to its ground-breaking strategy for addressing problems in the polling and survey industries. A blockchain-based voting ecosystem is being utilized to enable people to freely express their opinions on a variety of subjects, including as entertainment, general elections, celebrities, and world and social events.
Love Hate Inu promotes a safe and transparent voting procedure thanks to its construction on the Ethereum blockchain. Because the system shields their identities when they cast their ballots, users may express their opinions on the subjects without worrying about discrimination or judgment.
Pre-sale LHINU tokens are now available for purchase for 0.000105, but investors must act quickly because there are only 4 days left until the next stage and a price increase to 0.000115. Over $2.75 million has been raised in the quickly selling presale as interest in Love Hate Inu soars.
In a similar vein, the Metropoly team is offering a cutting-edge strategy for boosting investment in the real estate sector by using the decentralized potential of blockchain technology.
In order to encourage investment in properties that generate revenue and do away with middlemen like banks, who frequently impose oblique costs, Metropoly is creating the first cutting-edge NFT marketplace.
METRO tokens are being purchased by investors as part of a current presale that has raised $1.12 million. Users are urged to act quickly as 1 METRO is now being sold at stage 11 of the presale for $0.0769, and as 90% of the presale has already been funded, this is the last opportunity until the token first lists on exchanges.
