BTC: Bitcoin is a decentralized digital currency launched in 2009 by the pseudonymous creator Satoshi Nakamoto. It operates without a central authority (no bank or government controls it) and enables peer-to-peer value transfer over the internet. It was the first successful implementation of blockchain technology and remains the largest crypto asset by market capitalization. Bitcoin transactions are recorded on a public distributed ledger called the blockchain.
BTC has a market cap of $1.63T, as of date, and the total crypto market cap stands at $2.71T. On the weekly chart, BTC is trading at $81,908 and has witnessed a sharp recovery after a long consolidation phase. The overall trend appears neutral to positive, with resistance expected around the $84,900 level.
Technical Chart of BTC
On the daily chart, the BTC price is trading above its Simple Moving Averages (14 and 21 periods) at levels of $81,490 and $81,435, which may act as support in the coming sessions.
Also Read: Bitcoin Price Prediction
On the daily chart, the Relative Strength Index (RSI) is at 69.98 and the Stochastic is at 98.91, indicating an overbought zone and a potential reversal.
Support and Resistance Levels
| Support 2 | Support 1 | Asset (Price) | Resistance 1 | Resistance 2 |
| $73,135 | $77,018 | Bitcoin ($81,908) | $84,910 | $88,970 |
Above $88,970, there is a possibility of hitting the $93,172 level.
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