Bitcoin Price Drops Back To $29,800 - Pullback To $28,000 Likely?

Bitcoin Price Drops Back To $29,800 – Pullback To $28,000 Likely?

Updated: 13 April 2023

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Bitcoin (BTC) recently experienced a price drop after hitting a peak of $30,575. The cryptocurrency underwent a temporary decline, reaching a low of $29,800 before bouncing back to surpassing $30,200. Can we expect a pullback to $28,000?

Bitcoin Market Price

At the time of writing, Bitcoin (BTC) is trading at $30,139.95, with a 24-hour trading volume of $16,796,011,757. In the past 24 hours, BTC has experienced a slight price increase of 0.56%, and over the past week, it has seen a 6.67% increase in price. With a circulating supply of 19 million BTC, the market cap for Bitcoin is currently valued at $581,904,955,206.

The fully diluted valuation (FDV) of Bitcoin, representing the maximum market cap, is $631,693,503,000. However, it may take several years before the FDV is realized, depending on the emission schedule of BTC tokens.

Bitcoin’s recent performance has outperformed the global cryptocurrency market, which has seen a 4.20% increase over the past week. BTC’s trading volume in the last 24 hours is $17,278,157,258 indicating a recent rise in market activity with a 6.00% increase from one day ago.

While BTC’s all-time low price was $67.81, recorded almost 10 years ago on July 6, 2013, the current price is 44,252.91% higher than the all-time low. On the other hand, the highest price ever paid for BTC was $69,044.77, recorded over a year ago on November 10, 2021. However, the current price is -56.44% lower than the all-time high price.

Despite trading in the overbought area of the market, the risk associated with Bitcoin has decreased. Currently, sellers are pushing the prices down in the overbought region. Bitcoin (BTC) experienced a retracement after surpassing the $30,000 mark, which can be attributed to the market entering an overbought area.

Bitcoin Technical Analysis: BTC/USD Chart Analysis

BTCUSDT Chart Analysis on 13/04/2023. Source: Tradingview.com — BTCUSDT Chart Analysis. Source: Tradingview.com

Despite the initial retracement, the cryptocurrency’s price has rebounded to surpass the psychological price barrier of $30,000, and according to price indicators, the bullish momentum will likely continue above the $31,000 high.

Furthermore, Bitcoin trades above the 50-day and 200-day moving averages. In trading, this indicates that the bulls will push the price above the newly formed high of $30,500. The Relative Strength Index (RSI) for period 14 suggests that Bitcoin is still in the bullish trend zone, with a level of 67, suggesting that there is further room for the crypto asset to grow.

NEW‼️ #Bitcoin rally will continue through 2023, says Bank of America pic.twitter.com/evCgcfK5v3

— Bitcoin Archive (@BTC_Archive) April 12, 2023

The 200-day moving average is still a support level after experiencing a golden cross that has seen BTC’s price rise from its bottom of $19,000. However, we should expect a retracement at $32,000 after the price creates a double-top pattern.

A More Valuable Token (LHINU)

The price of Bitcoin has dropped to the psychological level of $30,000 and is expected to test or break the $30,550 resistance level. In response, the value of other cryptocurrencies, including Love Hate Inu (LHINU) tokens, is predicted to increase, with LHINU showing exceptional performance and driving further growth in its value.

To take advantage of this potential price surge, it is recommended to participate in Stage 4 of the LHINU Presale, as there are less than two days left before it closes. By purchasing LHINU at this stage, you can secure your tokens before the price increases. Moreover, Stage 5 of the Presale promises to bring significant development, making it even more important to keep an eye out and buy LHINU. The tokens are available for purchase at just 0.05 BNB, and with over $4 million already collected, you want to take advantage of this opportunity.