Has the price of Bitcoin attracted buyers The Influencer Act has been validated by the Joint Joint Committee, which is good news for the cryptocurrency industry. On its own, the price of Bitcoin is attempting to recover after a poor start to the week
Has the price of Bitcoin attracted buyers The Influencer Act has been validated by the Joint Joint Committee, which is good news for the cryptocurrency industry. On its own, the price of Bitcoin is attempting to recover after a poor start to the week. Does the price give buyers false hope?
This Bitcoin price analysis is provided in cooperation with CryptoTrader, and its algorithmic trading solution can finally be used by individuals.
Bitcoin prices increase by 1% within 24 hours
The buyer is trying to regain control, but the increase is still not significant. In fact, the price of Bitcoin has increased by 1% within 24 hours:
Bitcoin's performance against different currency pairs - Source: Coincheckup
This growth is not enough to make up for yesterday's decline. In addition, within 7 days, the BTC price has decreased by more than 3%. The BTC/ETH ratio remained unchanged within 24 hours, but fell by more than 2% within 7 days.
Is Bitcoin priced below $26800?
The Whalemap site can identify the location where market operators purchase Bitcoin. When a large bar appears, it indicates that the operator has increased their holdings to this level:
Overview of Bitcoin Trading Volume Source: Whalemap
Here, we noticed that the operator increased their holdings of 291000 Bitcoins at a price of $26800. Therefore, this is an important support for comparing the prices of special currency. The price is declining, and if buyers do not respond, according to Whalemap data, the next strong support level is at $23000. On the other hand, if there is a rebound, the indicator shows resistance around $28200. In fact, operators have already increased their holdings of over 413000 Bitcoins at this level, and they may be unable to resist selling without losing.
Bitcoin prices need to react quickly and recover to over $26700
The price is below the support level of $26700, and if the buyer does not respond quickly, the price may continue to fall to the next support level of $25000:
Bitcoin to USD price (4H)
The price hesitates below the bias level of bearish institutions (EMA9/EMA18) and bearish trend line. If this is just a deviation, then the price may regain support of $26700 and move towards the resistance level of $27500. As the bullish trend line breaks, RSI confirms breaking through the support level of $26700. RSI must respond quickly to prevent sellers from taking advantage of this momentum.
Bitcoin prices are rebounding, but it may be a false rebound. To avoid falling towards $25000, the price needs to quickly return to the support level of $26700. This is also the level of support determined by on chain analysis on the Whalemap site. Can Bitcoin react again?
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