In a tweet from yesterday, the cryptocurrency trader and expert “Coosh” Alemzadeh forecasted that Bitcoin (BTC) might reach $165K by November 2023. In the article, he stated that the main cryptocurrency’s monthly chart shows that the market is getting close to the 2019 cycle’s peak.
At the time of publication, BTC was trading favorably just below the anticipated $165K level. However, according to CoinMarketCap, it kept trading at $30,494.16 above the crucial $30K mark. That comes after the cryptocurrency had a gain of 0.24% during the previous 24 hours. Despite the day success, BTC’s weekly performance remained negative at -1.04%.
The daily volume of cryptocurrency buying and selling was also lower at the time of publication. As a result, the total was $8,619,014,128, a 63.45% decrease as of the most recent trading day.
In addition to BTC’s optimistic value efficiency over the last 24 hours, BTC’s market dominance increased by 0.42%. As a result, the largest cryptocurrency by market cap had a about $1.19 trillion market dominance. Additionally, BTC held the second position on CoinMarketCap’s trending list, ahead of Litecoin (LTC) and behind the meme coin Pepe (PEPE).
From a technical standpoint, BTC’s price was trading above the 9-day and 20-day EMA lines at the time of publication and was attempting to surpass the next major resistance level at $31,135. However, one technical indicator suggested that BTC’s value would be rejected by the resistance level in the coming 24 to 48 hours.
Over the previous 48 hours, the daily RSI line has made a bearish crossover beneath the daily RSI SMA line. This was a significant bearish flag that, if confirmed, might cause BTC’s price to drop to the crucial support level of $28,850 in the upcoming week. However, if the bearish flag is not confirmed, BTC can try to break over the previously indicated $31,135 level.