Bitcoin Monday : Cryptocurrency Bitcoin Price Today, Trends, Forecast
On Monday, crypto tokens soared after the SEC decided not to appeal the Bitcoin ETF. At the time of writing, Ethereum was trading at over $1,550, while Bitcoin was up 3.8% at $27,909.
Other crypto tokens also saw gains in today’s trading. Tron and Solana gained as much as 3%, while XRP, BNB, Litecoin, and Polkadot all increased by 2%.
The market capitalization of Bitcoin, the largest cryptocurrency in the world, jumped to $544 billion in the past day. According to CoinMarketCap, Bitcoin has a dominance of 50.3% at the present time. There was a 120.4% surge to $10.94 billion in BTC volume during the past 24 hours.
As a result of the uncertainty and stalemate between optimistic and pessimistic sentiment, Bitcoin’s price has been stuck in a trading range between moving averages recently. Price fluctuations often occur after such tight consolidations.
In contrast to the bulls’ hopes, Bitcoin’s price fell more than 3 percent last week. Coupled with regulatory worries, this downward pressure has caused crypto investors to lose interest in Altcoins.
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Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $53,000 | $57,000 | BTC | $60,000 | $69,000 |
Bitcoin Price Forecast
We predict the price of BTC to rebound from the $53,500 to $54,500 support level, which is a strong level of resistance. It is possible to fall even further if these levels are breached or closed. The asset must trade and close above the $60,000 to $62,000 resistance zone in order to continue to rise.
Should I invest in Bitcoin in 2021? What is the expected price of Bitcoin in 2021?
Is the supply of Bitcoin running out?
Since Bitcoin’s supply is finite, unlike fiat currencies like the US dollar, the Federal Reserve cannot simply decide to issue more banknotes; the maximum supply of BTC was achieved in April 2021. Despite more advanced mining equipment, Bitcoin is expected to run out by 2040. This is due to Bitcoin’s original architecture, which stipulated that mining would grow exponentially more complex and power-hungry every four years. As a result, in 2021, a single Bitcoin mining transaction may consume as much energy as a small country.
Is there a chance that Bitcoin’s price may be in a bubble?
Only a small percentage of the coin supply is believed to be held by a small number of people, making it difficult to anticipate the future value of cryptocurrencies. Two percent of anonymous ownership accounts are claimed to be made up of these huge holders, known as “whales,” who own around 92 percent of BTC. As a result of this, the vast majority of people who utilise cryptocurrency-related services around the world are not institutional investors. As a result, forecasts of whether Bitcoin values will rise or fall are impossible to predict because of the impact of one enormous whale.
