Bitcoin has paused recent rally against the dollar yesterday as after slew of weak economic data from the US.
Now, the BTC/USD is trading down by 2.21% at $20838. In recent trading sessions BTC/USD breached its November 2022 high of $21470.00 and tested $21632. However failed to hold it and prices retreated towards 20435 before the closing of $20678.00 against the dollar. In November 2013 Bitcoin posted consistent positive price movement for 15 days, the longest such streak in its history.
Adding to this, Bitcoin (BTC), the most valuable cryptocurrency measured by market cap, is unstoppable; recently its market cap has increased. Because of the tremendous influx of capital, the market capitalization of the scarce cryptocurrency has recently surpassed that of several big publicly traded firms, and even fiat currencies.
According to a Twitter report by Bitcoin Magazine, it has been said that the gigantic cryptocurrency has exceeded Tesla in terms of Market capitalization
Technical – The BTC/USD faced resistance of November 2022 peak and formed a long bearish candle stick on the daily chart. Further RSI 14 and its 9 SMA is trading at overbought zone both of which are indicating for short term correction in BTC/USD. On the downside, immediate support is witness at $20070. Furthermore, a break below the BTC/USD pair could retreat towards next support $19950-$19780.00 which coincide with its previous swings resistance levels. Hence, possible bounce back could expect from$19780-$19700 levels in near future.
On the upside, $21750 will act as a decisive resistance a break above could lead BTC/USD towards next resistance $22050-$22950.00
Looking to above technical factor we may expect that any short term correction will attract again buying activities in the BTC/USD.