Bitcoin's current trading price is $26730, with a slight increase in the past 24 hours and a market value of $521.58 billion
Bitcoin's current trading price is $26730, with a slight increase in the past 24 hours and a market value of $521.58 billion.
At the same time, the 50 day moving average is at $27210, highlighting the bearish sentiment when Bitcoin trading falls below that level. In addition, a noteworthy chart pattern, the double bottom breakthrough, appeared at $26900 and is now serving as a resistance point.
The recent depreciation of Bitcoin is largely related to the release of the US Consumer Price Index (CPI) in September. The CPI rose 0.4%, exceeding the expected 0.3%, leading to selling pressure on high-risk assets, including cryptocurrencies.
In addition, the US dollar rose 0.8% after the US CPI announcement, which also put downward pressure on the cryptocurrency market.
This situation highlights the cautious attitude of investors, which not only affects the cryptocurrency sector, but also casts a shadow on the traditional financial sector.
In terms of Bitcoin prices, the current trading price is $26730, with a slight increase within 24 hours. Bitcoin's 24-hour trading volume is as high as $13.54 billion, continuing to maintain its position as the top cryptocurrency on CoinMarketCap. The market value of Bitcoin is $521.58 billion, which is impressive.
As of now, approximately 19.51 million Bitcoins are in circulation, approaching the predetermined limit of 21 million Bitcoins.
From a technical analysis perspective, the pivot point of Bitcoin is determined to be $26536. On the upside, Bitcoin faces resistance levels of $28000, $29062, and $30574. On the downside, support levels are at $25426, $23891, and $22876, respectively.
Two important technical indicators indicate market trends: a relative strength index (RSI) of 37, which tends to be bearish. In addition, the 50 day moving average (EMA) of the index is located at $27210, and the current trading price is below this EMA value, indicating that the market is in a short-term bearish trend.
Recent chart analysis reveals an interesting pattern of a double bottom breakthrough at the $26900 level. This level now seems to be a resistance to Bitcoin.
Overall, the trend of Bitcoin seems bearish as it is still below $27210. However, breaking through this critical level may shift the trend towards a bullish direction. Short term predictions indicate that Bitcoin will challenge the aforementioned resistance levels in the upcoming trading period.
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