With little variation in its pricethe market outlook for cryptocurrencies shows a surprising immobility throughout this week. Specifically, the Bitcoin is in a state of paralysis on the mark of $29,500after having momentarily brushed the $30,000 in the last days.
Despite the publication of data from the Consumer’s price index (CPI) of the US, the price of the cryptocurrencies hardly record any changes. This Friday, the BTC operates in $29,388.94. His younger brother ethereumdoes it in $1,847.33.
To regain its momentum, the value of the Bitcoin would need to recover the threshold of the $29,800 as a support level. Only in that case, would he have a chance to challenge again. resistance at $31,500.
On the horizon of the next few weeks, se expect a return of volatility to the crypto market. Fundamental data, such as the figures reported by the United States Bureau of Labor Statisticsas well as the pending decision of the Securities and Exchange Commission (SEC) in connection with the application for an FPublicly Traded Fund (ETF) linked to BTCcould influence its price.
During the last months, cryptocurrencies have shown exceptional resilience, particularly major mining stocks, which continue to consistently outperforming Bitcoin.
In this sense, and according to a report prepared by Bernsteinit is estimated that the stablecoin market could reach a value of 2.8 trillion dollars for the year 2028. Other cryptocurrencies present the following values: Cardano in US$0.3 and Solarium at $24.45.
Bitcoin Price Prediction
Bitcoin it is currently hovering around $29,697, with a slight bullish bias. However, there are obstacles that prevent you from breaking threshold At $30,200, this resistance is accentuated by technical patterns that indicate a higher bearish sentiment.
Significant indicators such as the RSI and MACD are approaching the zone of overbought, which implies a possible weakening of the current bullish momentum. The value of Bitcoin recently reached the 23.6% retracement level of fibonaccicurrently at $29,800.
If the trend continues, the next target will be the 38.2% marker, located at $29,600. In case that Bitcoin falls below this level, it could result in a decline towards $29,250.
However, if Bitcoin manages to overcome the resistance level from $30,200, it could potentially move up into the $30,600 to $31,000 range.
It is important to watch the critical zones of $29,800 and $30,200, since any change below them could indicate a bearish trajectory for Bitcoin.
Source: Ambito
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