{"id":386105,"date":"2023-04-13T08:44:28","date_gmt":"2023-04-13T08:44:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=386105"},"modified":"2023-04-13T08:44:28","modified_gmt":"2023-04-13T08:44:28","slug":"bitcoin-price-drops-back-to-29800-pullback-to-28000-likely","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-drops-back-to-29800-pullback-to-28000-likely","title":{"rendered":"Bitcoin Price Drops Back To $29,800 &#8211; Pullback To $28,000 Likely?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">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?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Market Price<\/span><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\"><span style=\"font-weight: 400\">Bitcoin (BTC) is trading at $30,139.95<\/span><\/a><span style=\"font-weight: 400\">, 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.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin&rsquo;s recent performance has outperformed the global cryptocurrency market, which has seen a 4.20% increase over the past week. BTC&rsquo;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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While BTC&rsquo;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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-for-today-april-11-btc-price-hits-the-significant-30k-price-level\"><span style=\"font-weight: 400\">after surpassing the $30,000 mark,<\/span><\/a><span style=\"font-weight: 400\"> which can be attributed to the market entering an overbought area.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Technical Analysis: BTC\/USD Chart Analysis<\/span><\/h2>\n<figure id=\"attachment_386107\" aria-describedby=\"caption-attachment-386107\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-386107 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/04\/WhatsApp-Image-2023-04-13-at-10.27.04.jpeg\" alt=\"BTCUSDT Chart Analysis on 13\/04\/2023. Source: Tradingview.com\" width=\"1280\" height=\"595\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/04\/WhatsApp-Image-2023-04-13-at-10.27.04.jpeg 1280w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/04\/WhatsApp-Image-2023-04-13-at-10.27.04-300x139.jpeg 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/04\/WhatsApp-Image-2023-04-13-at-10.27.04-1024x476.jpeg 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/04\/WhatsApp-Image-2023-04-13-at-10.27.04-768x357.jpeg 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\"><figcaption id=\"caption-attachment-386107\" class=\"wp-caption-text\">BTCUSDT Chart Analysis. Source: Tradingview.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Despite the initial retracement, the cryptocurrency&rsquo;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.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NEW&#8252;&#65039; <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> rally will continue through 2023, says Bank of America <a href=\"https:\/\/t.co\/evCgcfK5v3\">pic.twitter.com\/evCgcfK5v3<\/a><\/p>\n<p>&mdash; Bitcoin Archive (@BTC_Archive) <a href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1646147246109388800?ref_src=twsrc%5Etfw\">April 12, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The 200-day moving average is still a support level after experiencing a golden cross that has seen BTC&rsquo;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.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">A More Valuable Token (LHINU)<\/span><\/h2>\n<p><span style=\"font-weight: 400\">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.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/lovehateinu\" rel=\"nofollow\"><span style=\"font-weight: 400\">purchasing LHINU at this stage<\/span><\/a><span style=\"font-weight: 400\">, 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.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">More News<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/ethereum-classic-price-prediction-for-today-april-12-etc-usd-could-stay-above-22-resistance\"><span style=\"font-weight: 400\">Ethereum Classic Price Prediction for Today, April 12: ETC\/USD Could Stay Above $22 Resistance<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/ethereum-classic-price-prediction-for-today-april-12-etc-usd-could-stay-above-22-resistance\"><span style=\"font-weight: 400\">Ethereum Classic Price Prediction for Today, April 12: ETC\/USD Could Stay Above $22 Resistance<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/metamask-creator-consensys-drops-nfts-to-celebrate-ethereum-shanghai-upgrade\"><span style=\"font-weight: 400\">MetaMask Creator ConsenSys Drops New NFTs To Celebrate Ethereum Shanghai Upgrade<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - 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The cryptocurrency underwent a temporary decline, reaching a low of $29,800 before <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1907,"featured_media":386117,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[734,5874,12424,8285,8438],"class_list":["post-386105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-bitcoin-price-change","tag-bitcoin-price-prediction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Drops Back To $29,800 - Pullback To $28,000 Likely? - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin saw a drop to $29,800 after posting the highest price in over seven months. 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