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Bitcoin Price Prediction as Daily Trading Volume Drops to $4.5 Billion – What’s Going On?

In the unpredictable sphere of cryptocurrency, the current price of Bitcoin is now $29,034, marking a slight rise of less than 0.10% in the past day.

Yet, this incremental increase comes at a time when the daily trading volume has noticeably declined, falling to $4.5 billion.

What factors are contributing to this decreased trading volume, and how might this influence the future direction of Bitcoin?

The objective of this article is to offer a thorough forecast of Bitcoin’s price, delving deeper than the bare numbers to understand the ongoing market trends.

2024 Presidential Candidate Francis Suarez Embraces Crypto Donations

In a major step toward recognizing cryptocurrencies in mainstream society, Francis Suarez, Miami’s mayor and a candidate in the 2024 US presidential race, has declared that his campaign will accept donations in various cryptocurrencies, including Bitcoin.

This move, which echoes the choices of other candidates, highlights the expanding influence of digital currencies on political fundraising.

It could also provoke heightened interest and acceptance for Bitcoin and other digital currencies, which may in turn impact Bitcoin’s market behavior.

Bitcoin Price Prediction

As of Sunday, Bitcoin (BTC/USD) seems to be stuck in a tight trading range, with the resistance and support levels approximately at $30,000 and $29,000, respectively.

Critical technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point towards a bearish forecast for Bitcoin at this juncture.

A quick look at the Tradingview Bitcoin price chart indicates a continuing downward trajectory, with the cryptocurrency landing at a level of $29,100.

The downward momentum may continue, possibly driving Bitcoin’s price further down, possibly towards the $28,700 mark.

It’s conceivable that Bitcoin could encounter some support at the $28,700 point amid this sustained descent.

If Bitcoin breaches this support level, it’s likely that the next target for its price could be the $28,200 level.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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