Crypto price prediction: Bitcoin (BTC) upward trend could continue, technical indicators suggest

 Bitcoin price prediction:

Bitcoin’s price has seen an upward trend, reaching $87,506.77 today. Over the past 24 hours, its value has increased by 3.05%, and in the last seven days, it has grown by 5.43%. The cryptocurrency has a market cap of over $1.7 trillion and a circulating supply of 20 million BTC. This positive movement has been accompanied by a significant trading volume, reflecting strong investor interest.

One of the key reasons behind Bitcoin’s rising price is improved trader confidence. Investors have become more optimistic due to favorable market conditions, including technical indicators and macroeconomic factors. Additionally, the Federal Reserve’s recent move toward quantitative easing has contributed to the bullish outlook. As a result, Bitcoin is hovering close to $88,000 and could soon test the important $90,000 resistance level.

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Currently, Bitcoin is only 3% away from breaking this resistance. If it surpasses this level, it could lead to even more price gains. Market analysts are closely watching Bitcoin’s price movements, as surpassing resistance often triggers further buying activity. If demand continues to rise, Bitcoin might establish a new support level above its previous highs.

Technical indicators suggest that Bitcoin’s uptrend could continue. The Relative Strength Index (RSI), a key momentum indicator, is currently at 52, which is above the neutral level. This indicates that buying pressure is slightly stronger than selling pressure, supporting further gains. A rising RSI is often seen as a sign of increasing strength in a trend.

Moving Average Convergence Divergence (MACD), also supports a positive price trend. The green histogram bars above the neutral line suggest bullish momentum. When MACD signals remain positive, it often indicates continued upward movement in an asset’s price. Traders view this as a sign that Bitcoin still has room to grow in the near term.

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With positive market sentiment, strong technical indicators, and macroeconomic factors in play, Bitcoin’s future looks promising. However, it is still important to monitor resistance levels and potential corrections. If Bitcoin successfully breaks past $90,000, it could enter a new phase of price discovery, drawing even more investor attention. On the other hand, if it faces rejection at resistance, a short-term pullback may occur before another attempt to push higher.