In the ever-volatile arena of cryptocurrencies, the movements of Bitcoin often set the tone. Recent activity saw Bitcoin taking a dive, momentarily dropping to touch the support level at $26,000. This glimpse into the bearish territory is now sparking renewed scrutiny from market enthusiasts, who are keenly watching the potential path of the king of cryptocurrencies.
Presently, Bitcoin’s price is wavering around $25,992 dubbed with a 24-hour trading volume of about $14.4 billion. Notwithstanding a minor drop in value of approximately 0.50% from the previous day, the heavyweight crypto maintains its reign with a market capitalization of approximately $505 billion, owing to its circulating supply of over 19 million BTC coins out of the maximum limit of 21 million.
Delving into Bitcoin’s price forecast, this space has seen game-changing activities, particularly with the coin’s recent plunge under $29,000. The ongoing scenario is presenting a notable drop with the coin dangling around the $25,800 mark. Remarkably, the 50-day Exponential Moving Average (approximately $27,300) has profoundly swayed Bitcoin’s direction, with the latest candle closures echoing prolonged bearish momentum.
Critical resistance presently holds at around $26,200. However, bearish pressures seem daunting due to a bearish engulfing candlestick coupled with a two-day candle pattern underneath this level. This downward trend could force Bitcoin’s price to recede to $25,600, and in grimmer circumstances to $25,200.
Conversely, a breach above the $26,200 resistance barrier can initiate the pursuit of the next resistance around $26,800. Subsequent strong bullish momentum may propel Bitcoin to reach as high as $27,300 and potentially even $27,600.
In contrast, if Bitcoin’s value plummets beneath $25,200, there could be room for significant decline that may further extend downwards to a disheartening $24,800.
On that note, for those brave enough to navigate the choppy waters of cryptocurrency investing, there are various other coins to watch. 2023 ushers in opportunities for other digital assets, with numerous initial coin offering projects being made available and endorsed by cryptanalysts from Industry Talk and Cryptonews.
Keep in mind that cryptocurrency investments present substantial risk due to their volatile nature, always do your own due diligent research. Swinging fortunes in the crypto market are the order of the day – today’s bear could be tomorrow’s bull, and vice versa.
Source: Cryptonews
