introduction:
In the dynamic world of cryptocurrencies, investors and traders face daily challenges in understanding price movements and identifying investment opportunities. Bitcoin, as the largest cryptocurrency by market capitalization, attracts particular attention. This article aims to provide a detailed analysis of Bitcoin from both a technical and fundamental perspective for the past 24 hours and the next.
Technical analysis:
Price action over 24 hours:
Volatility: Bitcoin started the day at a price level of around $95,800, with some fluctuations reaching $96,200 before falling to $94,500, forming a strong support level. This stability around $94,500 indicates a strong presence of buyers preventing the price from falling further.
Chart and patterns:
Japanese Candlesticks: A Hammer candle appeared on the hourly chart, which means that buyers demanded the price after testing the support, indicating a possible bullish bounce.
Fibonacci Levels: A bounce from the 61.8% level of the bearish Fibonacci chart gives a strong signal to the upside, as this level is considered a potential support.
Market indicators:
RSI (Relative Strength Index): With a current value close to 72, we are witnessing an overbought situation which could prompt a short-term correction, but this is not necessary if the upward momentum continues.
MACD (Moving Average Convergence Divergence): A convergence between the fast and slow MACDs can indicate a weakening in bullish momentum, but without a clear change in trend.
Moving Averages: The price is above both the 50-day and 200-day moving averages, confirming the long-term uptrend.
Forecast for the next 24 hours:
Resistance: The $98,000 level could be tested as a nearby resistance, with a potential rise to $100,000 if broken.
Support: Support around $94,500 looks strong, but the psychological level at $90,000 could be a reversal point if broken to the downside.
Elliott Charts: Bitcoin may be in a major bull run, with a short-term correction expected before the rally resumes.
Fundamental analysis:
Main events:
Regulation: There has been no new regulatory change in the past 24 hours, but there is an expectation of increased acceptance by governments and central banks, which could support the price going forward.
Adoption: More businesses and institutions are starting to accept or invest in Bitcoin, enhancing its long-term appeal.
Network Transactions: Stable transaction rates with a slight increase in fees, indicating consistent and increasing usage.
Short-term forecast:
Volatility: Price fluctuations can be expected due to rapid market movements amidst tests of support and resistance levels.
Risks: Any unexpected global political or economic news can affect the price, but the main trend for Bitcoin appears to be bullish.
Conclusion:
Bitcoin seems to be holding its ground despite short-term corrections. A proper strategy for investors and traders requires close monitoring of technical indicators along with an understanding of the fundamental events that may affect the market. Volatility is part of the nature of cryptocurrencies, so everyone should set realistic goals and expectations based on available data.
Note that the analysis and forecasts are based on data available as of December 31, 2024 and may change based on new developments.
