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Bitcoin has retraced slightly in the market today, dropping to the $27k price level. It closed at $28,033 yesterday and is feeling the effect of the bears on its price. However, the retracement has not caused a drastic price drop as it seeks to consolidate its gains.
Bitcoin Price Prediction With Technical Indicators
Bitcoin has lost some of its price gains from yesterday, dropping from $28k to $27.8k today. It has formed a second consecutive red candle on the daily chart, showing bearish pressure.
However, the 23.6 Fib level ($27,054) will act as support to prevent further decline. The 50-day Simple Moving Average (SMA) is still above the 200-day SMA, a bullish sentiment on the chart.
The Relative Strength Index (RSI) is at 60.40, in the neutral zone, as the indicator moves downwards. BTC has a more positive outlook on the monthly chart. Despite the highs and lows, it has recorded a steady price increase in 2023.
On the monthly chart, the 61.8 Fib level formed a major support and pivot point previously for the asset. Historically, bitcoin bounced off the 61.6 Fib level ($28,737) in January 2021. The Fib level held in June and July 2021 to kickstart another uptrend. However, Bitcoin fell below this level in June 2022 during the crypto winter.
BTC is currently re-testing the $28,727 level. A break above this level is expected in April 2023 to kickstart another rally. The RSI is at 50.14, which is in the neutral zone. However, the indicator is rising and could post more positive figures soon.
Bitcoin’s Moving Average Convergence/Divergence (MACD) is below its signal line on the monthly chart, a bearish signal. However, the bearish energy seems weak, and a retracement is likely.
Bitcoin has posted three consecutive green candles on the monthly charts in 2023 with higher highs and will likely attain the $30k price level in April if the bulls persist.
Experts’ Bitcoin Prediction For 2023
Experts have put together Bitcoin price predictions based on technical analysis. Bitcoinwisdom predicts a maximum price of $41,944, a minimum of $33,557, and an average of $39,151.
Changelly predict a maximum of $34,912, a minimum of $30,353, and an average of $31,239 for BTC in 2023. Coinpedia believes Bitcoin will trade at a maximum of $42,959, a minimum of $23,218, and an average of $34,412
Factors Influencing Bitcoin’s Price
Several factors influence Bitcoin’s price movement in its ecosystem. Macroeconomic factors such as inflation and regulations could impact its price range.
Here are the notable events on the network and beyond.
TeraWulf Revenue Up By 146% As It Increases Operations
TeraWulf (WULF), a Bitcoin mining firm, recorded an increase of 146% in its revenue between the third and fourth quarters of 2022. The company increased its deployment of machines before the report.
TerraWulf endured hard times financially in 2022 when BTC’s price declined. The company has recently upgraded its mining facilities in Nautilus, Pennsylvania. Also, TeraWulf stated they are committed to reaching the targeted 5.5 EH/s of self-mining and 0.5 EH/s of hosting.
This announcement will boost the confidence of institutional miners in Bitcoin Mining profitability.
$4 Billion Bitcoin option Contracts To Expire Today
Deribit, the largest crypto options exchange, will deal with the expiration of quarterly option contracts for Bitcoin today. These contracts include call options (buy) of about $2.24 billion and put options (sell) of $1.73 billion value.
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— Deribit (@DeribitExchange) March 31, 2023
A call option is a contract that enables traders to buy assets at a price agreed on or before a particular date. A put option is a contract for investors desiring to sell assets at an agreed price on or before a specific date. On Deribit, an option contract is equivalent to just 1 BTC.
According to Deribit, The expiration of these contracts led to a slight fall in Bitcoin’s price in December last year when around 135,000 contracts expired. They believe the fall of FTX and FUD with Binance contributed to the drop.
However, Deribit is bullish on Bitcoin’s chances, hoping that the expiration will boost its price since it has enjoyed a positive price form. QCP Capital, a trading platform, stated they would take up short volume positions as the sellers rush in after expiration before the buyers resume next week.
Bitcoin Alternatives
Securedverse (SVC)
Securedverse is a first-person shooter game bringing combat gaming to Web3 and providing a thrilling experience for users. Users compete against each other in a fast-paced free for all battle mode to become the last survivor.
The game features a leaderboard that will reward players with exceptional results with the native SVC tokens. This game is a free-to-play and free-to-earn model that lowers the entry barrier for gamers.
Users can select a hero to equip with a choice of weapons to complete their missions. Four main characters exist in the game Cyborg, Reaper, Scarlet, and Shiver. The project hopes to improve traditional gaming using blockchain technology to take advantage.
SVC powers activities on this platform and is currently on presale. The presale is still in its first stage, with each token worth 0.0143 USDT. However, a price increase will take place at each presale stage.
SVC tokens are staked for additional rewards, an additional boost for gamers on the platform. This first-person shooter game is one of the stand-out projects in 2023.
Swords of Blood (SWDTKN)
Swords of Blood is a captivating crypto-gaming project that promotes the play-to-own model to reward its growing community. It is a blockchain-based RPG that is fast-paced and thrilling for users.
Its arcade-like gaming model features several game modes in three difficulty levels. The storyline centers on the fall of the World of Ezura and the battle to restore it to its former glory. Also, it features 4, 8, and 6 players versus player (PVP) modes.
The SWDTKN is the main token of the platform. However, Game Utility Tokens (GUTs) are NFTs used for in-game activities and sold in the open market. The SWDTKN is currently on presale and worth $0.054 USDT per token.
The token’s price will increase to 0.07 USDT in the next stage. Early investors can enjoy additional benefits such as automatic whitelisting for future NFT sales, access to the closed Beta, and giveaways.
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