The analysis of BTC bullish prices suggests that the cryptocurrency will reach USD 24,702. The study of BTC bearish prices shows that there is a downward trend.
The analysis of Bitcoin (BTC) Perpetual Futures through price patterns and moving average help predict what will happen to the cryptocurrency.
Like futures contracts, perpetual contracts allow buying or selling an asset on a predetermined date at a specified price. They are gaining popularity as traders can hold leveraged positions without expiration.
The Qualities that Make Bitcoin the Best Crypto Asset
The pioneering cryptocurrency operates without centralized control by banks or governments, relying on software and peer-to-peer encryption.
A public ledger registers all Bitcoin transactions and keeps the copies on servers worldwide. Miners collect these operations into a block every ten minutes and permanently add them to the blockchain.
It is possible to exchange Bitcoin for cash or any other asset on online cryptocurrency exchanges, in person, or on communication platforms. That advantageous situation allows even small businesses to accept BTC as payment for their products or services.
When Bitcoin emerged, people could mine coins instantly, even with a personal computer. Since miners can choose which transactions to group into a block, the sender can add variable fees as an incentive.
The Hourly Analysis of the Price of Bitcoin
The most recent hourly analysis of the price of BTC reveals the information explained below.
A descending channel shows two downward trend lines above and below a price representing resistance and support levels. A trend line supporting lower lows and a diagonal resistance level defines that pattern.
When the price is around the upper trend line, it looks for opportunities. However, aggressive traders can go short and long in both trend lines, searching for a bounce or pullback. Descending channels allow predicting general changes in the trends of the Bitcoin price.
BTC is currently worth around USD 23,184 but could reach the USD 24,702 resistance level if the pattern continues. The price could drop to USD 21632 while the sell level could reach USD 22645 if the trend reverses.
The Moving Average of the Price of Bitcoin
The price of BTC currently undergoes a bearish trend, slightly below 50 MA and below 200 MA. When it moves above 50 MA and 200 MA, it will be a bullish state. Therefore, BTC is in a bearish situation, with a high possibility of a trend reversal.
Bitcoin is trading at around USD 23,184 and has accumulated a 2.8% loss over the last week. While its daily trading volume is above USD 23.73 billion, its market capitalization is about USD 443.13 billion, according to CoinGecko.
The pioneering cryptocurrency has become increasingly relevant in the global economic system. Experts have determined that its price influences the rest of the crypto market while external factors affect it. It is advisable to research before investing in it to make accurate predictions about where it might head next.
By Alexander Salazar