The flagship cryptocurrency Bitcoin shows some signs of resilience. After the recent sharp drop in prices, BTC has successfully rebounded from the bottom, currently trading at $26919, with a slight increase of 0
The flagship cryptocurrency Bitcoin shows some signs of resilience. After the recent sharp drop in prices, BTC has successfully rebounded from the bottom, currently trading at $26919, with a slight increase of 0.53% in the past 24 hours.
This has brought the overall real-time market value of Bitcoin to $52.529 billion. According to the latest data from CoinMarketCap, Bitcoin undoubtedly holds the top spot.
The circulation supply of Bitcoin is approximately 195100 pieces, with a maximum limit of 210000 pieces. The current elasticity of Bitcoin is evident. However, people can't help but wonder if this is a signal that the trend is about to reverse? Bitcoin prices are difficult to predict.
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. Optimistically, Bitcoin may challenge the direct resistance level of $28000. In addition, there are two resistance levels worth noting, namely $29062 and $30574.
On the contrary, Bitcoin can find support at $25426. If the bottom is breached, 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 bearish short-term trend. Although moving average convergence divergence (MACD) data is not provided, it is an important tool for identifying changes in market momentum. Recently, an interesting pattern was found in the chart, where the double bottom broke through $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.
Overall, if Bitcoin falls below the critical level of $27200, the overall trend may be biased towards 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 at $28000.
Bitcoin Price
For the 4-hour chart, the pivot point of Bitcoin (BTCUSD) is determined to be $26536. In an optimistic scenario, Bitcoin will face 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 key technical indicators help to gain insight into current market trends. The relative strength index (RSI) is 37, indicating a bearish trend. 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.
Recent chart analysis reveals an interesting pattern: a double bottom breakthrough at the $26900 level. Interestingly, this level currently seems to be a resistance to Bitcoin. This pattern indicates that digital currency is undergoing a testing phase as it strives to overcome this resistance.
Overall, the trend of Bitcoin seems to be downward as it is still below the critical level of $27210. However, once this threshold is breached, it 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.
The market is constantly changing. If you want to stay together for warmth or have any doubts, please feel free to leave a message.
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