The flagship cryptocurrency Bitcoin seems to show signs of resilience. After the recent sharp drop in prices, BTC has successfully rebounded from the bottom, trading at $26919 today, with a slight increase of 0
The flagship cryptocurrency Bitcoin seems to show signs of resilience. After the recent sharp drop in prices, BTC has successfully rebounded from the bottom, trading at $26919 today, with a slight increase of 0.53% in the past 24 hours.
This brings the overall real-time market value of Bitcoin to $525.29 billion. The current data from CoinMarketCap shows that Bitcoin has unquestionably remained at the top position.
The circulation supply of Bitcoin is approximately 19.51 million units, with a maximum limit of 21 million units. The current resilience of Bitcoin is evident. However, is this the first sign that the trend is about to reverse?
Bitcoin Price
Based on a 4-hour chart time frame, conduct in-depth research on the daily technological prospects of Bitcoin on October 13th, and determine the central pivot point at $26400.
On the positive side, Bitcoin may challenge the direct resistance level of $28000. In addition, there are two resistance levels worth noting: $29062 and $30574.
On the contrary, Bitcoin can find support at $25426, and if it breaks through this bottom, subsequent support will be $23891 and $22876, respectively.
When analyzing technical indicators, the relative strength index (RSI) is 45, indicating that bearish sentiment is below the midpoint of 50. Another key indicator, the 50 day moving average (EMA), is located at $27200.
Due to Bitcoin's current trading price being below this level, it indicates a short-term bearish trend. The request did not provide Moving Average Convergence Divergence (MACD) data, but it is an important tool for identifying changes in market momentum.
An interesting pattern discovered in the recent chart is a double bottom breakthrough of $26900.
At present, this level is becoming a resistance level for Bitcoin. From a historical perspective, this pattern usually indicates that if resistance levels are breached, there may be a bullish trend.
In summary, if Bitcoin falls below the $27200 mark, the overall trend tends to be bearish. However, if prices break through this level, market sentiment may shift in favor of bulls.
Market analysts predict that Bitcoin may challenge current resistance levels in the short term, especially the $28000 mark.
Bitcoin Price
For the 4-hour chart, the pivot point of Bitcoin (BTCUSD) is determined to be $26536. On the positive side, Bitcoin faces the first resistance line of $28000, followed by resistance lines of $29062 and $30574.
On the downside, the support level is firmly at $25426, with further support levels of $23891 and $22876, respectively.
Two important technical indicators can provide insight into current market trends. The relative strength index (RSI) is 37, which tends to be bearish.
Meanwhile, the 50 day moving average (EMA) of the index is $27210. The current trading price is below the moving average, highlighting the short-term bearish trend in the market.
Bitcoin Price
Recent chart analysis reveals an interesting pattern: a double bottom breakthrough at the $26900 level. Interestingly, this level now seems to be a resistance to Bitcoin.
This pattern indicates that digital currency is in the testing stage as it is striving to overcome this resistance.
Finally, the trend of Bitcoin seems bearish as it is still below the $27210 mark. However, breaking through this threshold may tilt the trend towards a bullish direction.
Short term predictions predict that Bitcoin will challenge the aforementioned resistance levels in the upcoming trading period.
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