Dear Readers,

The market leader – Bitcoin trades and reached as an interesting level as of now.

We all know that Bitcoin is the firstly founded and highly traded with no 1 market cap crypto currency.

The major difference with the fiat currencies and the crypto currencies is that according to the inflation, the central banks of the respective countries would print fiat currencies. But, in crypto there is the supply limit.

With the frequent burns, the circulating supply would also come down and eventually the prices which would go up.

Bitcoin set an example with the limited supply and with the supply cap of 21 million for mining.

In an interesting move, Bitcoin has reached a market capitalization of $350 billion for the first time since the crypto crash from November 2022.

At current levels, BTC is trading very close to the 100 EMA ( Exponential Moving Average) curve or slightly above the same. With the most buying support from the current level, Bitcoin could easily scale up to its next resistance at $21400 and above. Will Bitcoin will move to our expectations.

The next prime resistance would be the 200 EMA curve for Bitcoin and currently trading in the vicinity of $21000 along with $21500. Hence a velocity can be expected to turn into mild profit booking at these levels. 

On weekly charts, Bitcoin would be facing resistance at $18400, $22000, and $24500.

The Relative Strength Index (RSI) for Bitcoin also entered the overbought zone of 75.

It is to be noted that the relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to evaluate overvalued or undervalued conditions in the price of that security. The RSI is displayed as an oscillator (a line graph) on a scale of zero to 100.

From the technical perspectives, the selling may happen at any point in time if it hovers at the current level.

We need to take a constant approach to make a fresh investment with regard to BTC investment!