Bitcoin, the world’s leading cryptocurrency, has recently reached a significant milestone by completing the 61.8% Fibonacci retracement level. This mathematical ratio is often utilized by traders and analysts to identify potential support and resistance levels in the market. The completion of the 61.8% retracement suggests a crucial turning point for Bitcoin’s price trajectory.
Currently, Bitcoin is trading at a price of $26,742, with a trading volume of $11.9 billion within the past 24 hours. During this period, the cryptocurrency has witnessed a gain of approximately 1.30%. Retaining its top position in terms of market capitalization, Bitcoin has a live market cap of $518 billion, and a circulating supply of 19,384,918 BTC coins.
Over the weekend, Bitcoin exhibited a narrow trading range, with the upper boundary around the 26,875 level and the lower boundary near the 26,675 level. A closer examination of the four-hour timeframe reveals that Bitcoin has already completed a 61.8% Fibonacci retracement at the 26,875 level, raising concerns about the continuation of the upward trend. If Bitcoin fails to surpass this level, there is potential for a decline towards the next support level at 26,500, which is also reinforced by the 50-day exponential moving average.
Further down, if Bitcoin breaks below the 26,500 level, the next support can be expected around 26,250. However, if this level holds, Bitcoin may decline further towards 25,900. On the contrary, if Bitcoin successfully breaches the 26,875 level, it has the potential to target the resistance level at 27,011 and subsequently reach 27,200, possibly exposing Bitcoin to levels around 28,000. The current technical indicators, such as the RSI, MACD, and the 50-day exponential moving average, all favor a buying trend. Therefore, it is advisable to wait for the violation of the 26,800 level before confirming the upward momentum.
As we keep a close watch on this particular level in assessing the continuation of the trend, it’s crucial to mention fifteen cryptocurrencies to watch in 2023. These virtual assets have been meticulously chosen based on their optimistic prospects, signaling substantial growth potential in both the immediate and distant future. Equipped with distinctive attributes and pioneering technologies, these cryptocurrencies are well-positioned to thrive and achieve remarkable progress in the years ahead.
In the rapidly evolving blockchain and cryptocurrency industry, it is crucial to stay informed about the latest developments, trends, and potential market shifts. Follow our blog to stay updated and gain valuable insights into this fascinating world. Happy investing!
Source: Cryptonews
