Amid the roller coaster ride that defines the crypto market, Bitcoin’s price is once again front and centre. With its current value fluctuating around a mark of $26,164 and a 24-hour trading volume shelving an overwhelming $18 billion, the numero uno cryptocurrency witnessed a roughly 4% drop just last day. Notwithstanding this recent setback, Bitcoin stands unshaken at its zenith on CoinMarketCap, boasting a jaw-dropping live market cap of $509 billion. A supply total virtually close to the brink at 19,472,618 BTC out of a conceivable 21,000,000 necessitates a wider look into the broader financial landscape.
In a correlative economic narrative, the US Department of Labor (DOL) unveiled promising figures last Thursday. The optimistic report on Initial Jobless Claims stood at 228,000 for the week ending August 26, an encouraging dip from the previous week’s 232,000. This upbeat development overshadowed market predictions of 235,000. Furthermore, the 4-week moving average made a slight hike, moving up from the corrected 237,250 to 237,500. The positive replay of these economic events can wield a profound impact on Bitcoin’s trajectory.
Delving into Bitcoin’s arithmetics, the cryptocurrency has witnessed a marked downturn recently. There was a sharp drop from the 27,300 level to hit a recent low of 25,900. Despite Bitcoin already reaching a 61.8% Fibonacci retracement at the 26,335 mark, there seems to be no stopping the downward push. This downward journey seems set to hit the next significant support level at 25,900, coinciding with the 78.6% retracement.
Oscillatory indicators, such as the RSI and MACD, broadcast bearish vibes as they languish in the sell zone. The data alludes to the perpetuation of the current downward trend. The 25,900 level is vital to watch closely. Any snags preventing a further breakdown could trigger a bullish reversal, potentially driving Bitcoin’s price towards pinnacles of resistance at 26,700 and beyond, to 27,400. Above this, the 28,000 mark could throw down the gauntlet as substantial resistance. If Bitcoin manages to slip past the 25,900 level, further support can be expected around 25,400, with a steeper slide possibly reaching 24,800. To summarize, Bitcoin’s path today pivots on the 25,900 level.
Keep an eye out for the forthcoming initial coin offering projects (ICO) and alternative cryptocurrencies – the top 15 digital assets predicted to make waves by 2023. This judiciously assembled list brings together expertise from Industry Talk and Cryptonews.
Remember – crypto investments are tumultuous by nature. Always do interdisciplinary research and avoid unnecessary risk.
Enjoy your exploration in the thus far untreaded world of future digital currencies. Stay ahead of the curve and unlock their uncharted potential to the fullest.
Source: Cryptonews
