Bitcoin after breaking successfully above the trend line making lower highs on December 21. Bitcoin is still moving just as predicted and we hope this week closes the same.
Bitcoin price today is $50,622.39 USD with a 24-hour trading volume of $26,704,730,370 USD. Bitcoin is up 3.86% in the last 24 hours with a market cap of $957,215,938,330 USD. It has a circulating supply of 18,908,943 BTC coins.
Bitcoin Strengthening: Analysis
It’s normal that after a Breakout there is a small price reversal to the local support and the same is happening on Bitcoin’s 4-hour chart. After breaking out from the resistance, Bitcoin rose to the resistance we last marked at $49500 – and now this is reversal time. The support for Bitcoin here is at $47,500, fib 0.5, and then at the trend line. The local resistance is at $48500, fib 0.236. after this level, we have considerable resistance at the last high of $49,600.