- BTC experienced a price increase of approximately 3.39% in 24 hours.
- BTC’s price has undergone a slight retracement, currently trading at $30,148.27.
- BTC holds the top spot on CoinMarketCap’s trending list with a market dominance of approximately 49.95%.
Renowned crypto trader and analyst Ali recently shared an insightful update regarding his Bitcoin (BTC) analysis. In his tweet posted two days ago, Ali highlighted a promising buying opportunity on the crypto’s 4-hour chart. He pointed out that the TD Sequential indicator had generated a buy signal, indicating a potential price surge for BTC, with a target of $30,750. This analysis from Ali, a respected figure in the crypto industry, suggests a favorable outlook for Bitcoin.
In his most recent tweet, Ali noted that the buying opportunity had been exhausted, resulting in a surge in the market leader’s price to $31,415.90 within the subsequent 24-hour timeframe. Throughout this period, BTC experienced a price increase of approximately 3.39%.
As of the latest update, the price of BTC has undergone a slight retracement from its level at the time of the second post, currently trading at $30,148.27. This retracement follows a 1.77% decline in the past 24 hours, impacting BTC’s weekly performance. Consequently, BTC has recorded a negative performance of 1.63% over the past 7 days.
Despite experiencing a price decline, BTC managed to secure a prominent position on CoinMarketCap’s trending list, currently holding the top spot. Furthermore, its market dominance witnessed a slight increase of 0.26%, resulting in BTC’s dominance reaching approximately 49.95% at the time of this report.
From a technical standpoint, Bitcoin (BTC) was consolidating near the 20-day Exponential Moving Average (EMA) line, which acted as a minor support level preventing a decline towards the critical support level at $29,490. If the price of the leading cryptocurrency breaches the mentioned technical indicator within 24-48 hours, it will probably seek to retest the significant support level in the upcoming days.
If the support level of $29,490 is breached, BTC could experience a decline towards the 50-day EMA line, currently valued at around $28,670. Conversely, if BTC manages to close a daily candle above the 9-day EMA line, which is approximately $30,400, within the next 48 hours, it may indicate a bullish trend and potentially lead to a test of the significant resistance level at $31,270 in the upcoming week.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
