In the ever-evolving world of cryptocurrencies, Bitcoin remains the predominant leader, showcasing its dominance as the number one cryptocurrency on CoinMarketCap.
As of today, the live Bitcoin price hovers at $26,244, having registered a slight dip of 0.5% over the last 24 hours. This comes amidst a robust 24-hour trading volume of $11 billion.
With a circulating supply of 19,497,568 BTC coins out of its max supply of 21,000,000, and a commanding live market capitalization of $511 billion, the crucial question arises: What’s the next strategic move for BTC?
Bitcoin Price Prediction
From a technical standpoint, Bitcoin exhibits a bullish bias, especially after its recent inability to sustain above the $26,750 mark. Observing the four-hourly timeframe, Bitcoin bounced off its support near $26,000, a pivotal level that doubles as a psychological anchor for BTC.
Notably, the $26,779 level posed as a formidable barrier, displaying characteristics of a double top pattern, which subsequently provided staunch resistance.
Having been unable to breach the $26,779 threshold, Bitcoin retraced, relinquishing its recent gains, yet maintaining above the $22,000 support level.
BTC’s outlook remains optimistic while it stays above the $26,000 support. Should it fall beneath this mark, Bitcoin could seek the subsequent support levels at $25,400 and, further down, $24,900, which is expected to serve as a vital cushion.
Bitcoin Price Chart – Source: Tradingview
Conversely, if Bitcoin sustains above the trend line support of $26,000, the resistance at $26,750 will be the next focal point. A breakthrough here could set the stage for a target near the $27,450 level.
In terms of leading and lagging indicators, there seems to be a mixed sentiment among investors. The 50-day exponential moving average (EMA) is hovering around the $26,300 level, and BTC’s price frequently fluctuates around it.
Concurrently, the Relative Strength Index (RSI) sits in a sell zone, while the Moving Average Convergence Divergence (MACD) presents bullish cues.
In light of these dynamics, investors should closely monitor the $26,000 level, which is poised to act as a pivotal point—dictating bullish prospects above and bearish tendencies below for Bitcoin price.
Let’s take a closer look at Bitcoin Minetrix, an alternative to Bitcoin that has been making headlines recently.
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Cryptocurrency Price Tracker – Source: Cryptonews.com
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