Bitcoin is the most popular and widely used cryptocurrency. It enables peer-to-peer transactions in a decentralized protocol. The best parts of this crypto are:

  • It is a form of digital money that exists beyond the system of states and financial institutions.
  • It can be transmitted globally without central systems.
  • It comes with a monetary policy that no one can change.

It was launched anonymously in January 2009; Today it is a globally traded currency with a trading volume of over ten billion dollars a day.

Although there is various regulatory advice in other countries, El Salvador is the first country to choose Bitcoin as real money.

It is mainly used to make money outside of traditional financial systems. You can use Bitcoin for international payments because it is a faster, safer payment method and offers low transaction fees.

Later, when Bitcoin becomes more popular, it becomes difficult to transfer lower values ​​due to the huge rise in the price of BTC. Today it is treated as a commodity rather than a currency.

At the time of writing this technical analysis, Bitcoin price is trading around $ 56,900. Bitcoin creates a new level of support around its previous level of resistance. It has already broken the previous support level of $ 60,000. If it continues to decline, BTC can lose its value to $ 50,000.

The interesting part is that it creates an M shape, which is not a bullish sign. In addition, it was unable to cross the resistance mark of around $ 67,000 twice. The price chart looks like Bitcoin price is consolidating and may not exceed the new ATH anytime soon.

However, many experts believe that BTC will hit $ 70,000 this year and around $ 100,000 next year. We currently believe that when analyzing the daily chart, BTC will not create a new ATH this year. However, they cannot predict the exact price levels.

On the daily chart, the RSI is strong at 40, but the MACD and moving average lines are bearish. The blue line on the MACD chart is well below the red line. The same goes for the moving average; the line goes down with the price.

Bollinger Band is also bearish. On November 16, the red candle crossed the BB baseline and made a downward momentum. Now all candlesticks are forming below the baseline.

Bitcoin is a popular currency and is far from consolidating. However, if you are a new investor waiting for a correction from the USD 67,000 level, you can make your first investment in BTC according to the Bitcoin price forecast. However, you may have to wait a few months to see a return.

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