Bitcoin is the world's leading cryptocurrency and has recently achieved an important milestone in its price trend, as it successfully achieved a 61.8% Fibonacci pullback
Bitcoin is the world's leading cryptocurrency and has recently achieved an important milestone in its price trend, as it successfully achieved a 61.8% Fibonacci pullback.
This pullback pattern is based on mathematical ratios derived from the Fibonacci sequence, which traders and analysts often use to identify potential support and resistance levels in the market.
The completion of 61.8% retracement indicates a critical turning point in the trajectory of Bitcoin prices.
In this Bitcoin price forecast, we will delve deeper into the implications of this pullback level and explore the possible future trends of Bitcoin.
Bitcoin Price
As of today, the trading price of Bitcoin is $26742, with a trading volume of $11.9 billion over the past 24 hours.
During this period, the return on cryptocurrency was approximately 1.30%. In terms of market value, Bitcoin maintains its leading position with a real-time market value of $518 billion.
The circulation supply of Bitcoin is 19384918BTC coins, with a maximum supply limit of 21000000 BTC coins.
Bitcoin Price
On Saturday, Bitcoin showed a narrow oscillation, with the upper boundary near the 26875 level and the lower boundary near the 26675 level.
Upon careful observation of the four hour time frame, it can be observed that Bitcoin has completed a 61.8% Fibonacci retreat at the 26875 level.
Candlesticks that have recently closed below this level have raised concerns about the continued upward trend.
Therefore, if Bitcoin fails to exceed the 26875 level, it may fall to the next support level of 26500, and the 50 day moving average of the index also strengthens this level.
Going further down, if Bitcoin falls below the 26500 level, the next support is expected to be around 26250. Furthermore, if this level remains unchanged, Bitcoin may further decline to 25900.
On the other hand, if Bitcoin successfully breaks through the 26875 level, it may set a resistance target of 27011, which may then exceed 27200, potentially exposing Bitcoin to levels around 28000.
The current technical indicators, such as RSI, MACD, and the 50 day moving average of the index, all tend towards a buying trend.
Therefore, it is advisable to wait for the breakthrough of the 26800 level before confirming the upward momentum.
It is recommended to closely monitor this specific level to assess the sustainability of the trend.
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