In this Bitcoin technical analysis, we will examine the current price action, trading volume, key levels and indicators for BTC-USDT. Bitcoin is a decentralized digital currency that uses cryptography to secure and verify transactions. It was the first cryptocurrency to be created and has since become the most well-known and widely used. With a limited supply of 21 million, Bitcoin aims to provide an alternative to traditional fiat currencies and offer greater control over personal finances.
Bitcoin Price Overview:
As of May 13, 2024, Bitcoin is trading at approximately 62813.91 USDT. Let’s dive into the detailed price action for BTC-USDT:
| Metric | Value |
|---|---|
| Open (O) | 61484.0 |
| High (H) | 63450.0 |
| Low (L) | 60749.21 |
| Close (C) | 62813.91 |
| Volume (C) | 28,552.22 |
- Open (O): The opening price for today’s trading session was approximately 61484.0 USDT.
- High (H): Bitcoin reached a daily high of around 63450.0 USDT.
- Low (L): The daily low for BTC-USDT was approximately 60749.21 USDT.
- Close (C): At the time of analysis, Bitcoin is trading near its daily close of 62813.91 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | 2.16% |
| 3D Change (%) | 3.31% |
| 7D Change (%) | -0.56% |
| 30D Change (%) | -1.74% |
| 90D Change (%) | 26.39% |
| YTD Change (%) | 48.55% |
Over the past three days, BTCUSDT has increased by approximately 3.31%, showcasing increased market volatility. Throughout the last week, it continued to drop, with a loss of around -0.56%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with BTCUSDT maintaining a downward trend of approximately -1.74%, despite intermittent fluctuations. Examining the last 90 days, BTCUSDT has witnessed substantial rise of approximately 26.39%, reflecting strong long-term confidence. Year-to-date, BTCUSDT has steadily appreciated by around 48.55%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Bitcoin Live Chart:
You can access a live price chart for BTC-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.40926.
- Momentum score is -0.05994.
BTC USDT Technical Analysis
Bitcoin Trading Volume:
The trading volume for Bitcoin (BTC) over the past 24 hours has been significant, with approximately 28,552.22 USDT traded against BTC. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): BTC is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Bitcoin is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for BTC-USDT is currently in the neutral zone, around 49.70098. This suggests that Bitcoin is in range-bound territory.
Analysis from TradingView:
Our Key Takeaways:
Bitcoin (BTC-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the neutral RSI and significant trading volume are neutral signals for potential sideways movement.
Bitcoin (BTCUSDT) faces challenges, trading at 62813.91 USDT, as technical analysis signals weakened support and cautionary indicators.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.