• Bitcoin price is currently hovering around $24,505 with a 12% increase in the last 7 days.
• Moving averages and relative strength index indicate that Bitcoin is in a bullish movement.
• Analysts are wondering if Bitcoin will reach its target of $25,400 this week.
Bitcoin Price Holds At $24,500
The Bitcoin price has been fluctuating over the previous days, with an all-time high of $66,788 recorded in November 2021. Currently it is trading at around $24,505 with a market capitalization of approximately $472.9 billion and a 24-hour trading volume of around $28.5 billion.
Moving Averages and Relative Strength Index
Analysts use the moving average and relative strength index to understand how the price behaves over certain periods. The 200-Day simple moving average (SMA) and 50-Day SMA have both been signalling BUY since early January 2023 – indicating that BTC is currently in a bullish trend. Similarly, the relative strength index suggests that Bitcoin is not overbought or oversold at this time.
$25,400 Target for This Week?
Traders are now wondering if Bitcoin can reach its next target of $25,400 this week given its current market conditions. However, there is no certainty as to whether or not it will happen as the cryptocurrency market remains unpredictable due to its volatility nature and other factors such as news events or policy changes which can affect prices significantly within short periods of time.
Overall, while there is much speculation on where exactly BTC’s price may move in the short term future – analysts suggest that traders should always keep an eye on key indicators such as moving averages and RSI levels to ensure they make informed decisions when investing in cryptocurrencies like Bitcoin during these volatile times.
This article should not be taken as financial advice; please do your own research before investing in any digital asset or cryptocurrency mentioned herein. We sometimes use affiliate links in our content; when clicking on those we might receive a commission – at no extra cost to you