Where Will Bitcoin Go Next? Price Prediction as BTC Rebounds from Recent Low
The Bitcoin price has fallen by 2% today, dropping to $26,757 in the past 24 hours and undermining expectations that the cryptocurrency's recent consolidation had set it up for a breakout.
BTC's current price means it has barely budged in the past week, although the coin has gained by 2% since reaching a low of $26,270 on May 12.
It has also risen by 61% since the beginning of the 2023, with this medium-term increase putting BTC on a path towards further recovery in the coming months.
Indeed, with some voices suggesting that the global economy will do better this year than previously forecast, bitcoin could be in a position to ride a wave of renewed optimism, particularly if the US Congress agrees a resolution to its latest debt ceiling crisis.
While BTC has fallen today, its chart suggests that it's in a great position to rebound.
In particular, its relative strength index (purple) has begun rising again after falling just below 30 earlier this morning, signalling a quick recovery.
Likewise, BTC's support level (green) has survived today's fall, implying that the cryptocurrency isn't likely to see any further falls in the near term.
And while Bitcoin's 30-day moving average (yellow) has yet to fall below its 200-day averagr (blue), the fact that its price has actually begun rising in the past hour suggests that it may not.
Of course, while Bitcoin's relative price stability over the past couple of weeks would indicate that it may not move wildly anytime soon, there are a number of incoming developments that could provide it with the catalyst for a big movement.
Most notably, the US Congress and the White House need to agree on a resolution to the current debt crisis, with the US likely to default on its debt obligations on June
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