After the recent price decline, Bitcoin (BTC) seems to be showing signs of resilience. The price of Bitcoin today is $26919, which has slightly increased by 0
After the recent price decline, Bitcoin (BTC) seems to be showing signs of resilience. The price of Bitcoin today is $26919, which has slightly increased by 0.53% in the past 24 hours. This brings the overall real-time market value of Bitcoin to $525.29 billion. At present, the circulation supply of Bitcoin is about 19.51 million pieces, with a maximum limit of 21 million pieces, highlighting the significant resilience of Bitcoin at present.
From a technical perspective, Bitcoin prices are facing resistance
According to the 4-hour chart time frame, the pivot point of Bitcoin is determined to be $26400, with two resistance levels worth noting: $29062 and $30574. If the price breaks through the $27200 mark, the overall trend will lean towards bearish, but if Bitcoin prices continue to rise, market sentiment may shift to favor bulls.
From the analysis of 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 the current trading price of Bitcoin being below this level, the short-term bearish trend is evident. The Bitcoin price chart reveals an interesting pattern: a double bottom breakthrough at the $26900 level. 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.
List of the 15 most noteworthy cryptocurrencies in 2023. At the same time, understand the best price and latest market trends for buying/selling cryptocurrencies.
(Personal opinions do not constitute suggestions)
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