Claim $500Bitcoin (BTC) Weekly Support Near 100 DMA AT $32k
Bitcoin (BTC) price consolidates for the past few sessions. BTC/USD remained absorbs the shock wave from the US Fed announcement on Wednesday. Fundamental factors and some bottom buying opportunities attract investor toward the digital coin.
The $1 Million Milestone
A US-based ARK Investment Management LLC projected by 2030 the price of one Bitcoin could exceed $1 million. According to the research house, Bitcoin mining will speed up and carbon-free sources such as renewable sources would be for electricity.
As per the report, the cumulative transfer volume on Bitcoin has increased by 463% in 2021. The digital currency’s annual settlement volume has surpassed Visa’s payments volume that suggests Bitcoin is gradually taking market share as a Global Settlement Network. Bitcoin’s cumulative transfer volume in 2021 stood at $13.1 trillion as compared to $2.3 trillion in 2020.
Another supportive argument it the latest financial statement of Elon Musk’s electric vehicle has made no changes to its bitcoin holding during the last quarter of 2021. The total volume held around $1.26 billion.
In the meantime, The International Monetary Fund (IMF) urged El Salvador to drop Bitcoin as legal tender as it is expected to bring large risks to financial stability. The country since September 2021 has adopted Bitcoin as legal tender. In a recent move on Friday, El Salvador President tweeted Friday that the Bitcoin holding has been capitalized by buying 410 bitcoin for $15 million
What Technical chart says
On the weekly chart, the negative divergence on the daily relative strength index (RSI) resulted in the fall ATH made in November with a loss of more than 50 toward the recent lows made on Monday at $32,933.
The price dropped below 50 DMA in the week started on December 27 and now looking to take support near 100-DMA at $31,995.
At the press time, BTC/USD is trading at $36,741, down 0.26% for the day with rise of 16.57% in volume at $32,483,924,459 in 24-hour.
The weekly momentum oscillator, the daily relative strength index (RSI) trades in the oversold zone. Any uptick in the indictor could offer the opportunity of a long position for the traders with the immediate target at $44k in the horizontal resistance zone.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Fed’s Stephen Miran Urges More Rate Cuts In 2026 To Avoid U.S. Recession
- Breaking: $4T JPMorgan Explores Crypto Trading for Institutional Clients as U.S. Banks Embrace Crypto
- Bitcoin and Ethereum ETPs See $1B in Outflows as Institutions Rotate into XRP
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
