The tumultuous realm of cryptocurrency still sees Bitcoin standing resilient, retaining its top spot on CoinMarketCap’s rankings, notwithstanding a recent marginal downturn. Presently, the digital asset breathes at approximately $25,772, ticking upwards by a paltry 0.25% over the past 24 hours, slightly reducing the impact of a 6% decline it witnessed over the week. Bitcoins’ impressive trading volume of $12.3 billion continues unabated, pushing its circulating supply towards a jaw-dropping 19,478,418 BTC and maintaining a live market cap of an admirable $502 million.
Factors surrounding the currency raise interesting inquiries amongst investors and market analysts: What if the worst is yet to strike Bitcoin? Currently, the cryptocurrency’s price stays in a phase of consolidation, manifesting just over the mark of $25,500. The potential for a corrective surge exists, yet it may be held back at approximately $26,200, which is revealing itself as a prominent resistance.
Attempts to thwart this resistance have, so far, fallen short, inviting a bearish regression under the $25,650 level. Therein, the resilience of bulls allows Bitcoin to regain its lost territory, cushioning it consistently above $25,500. A prominent bearish trend line shows resistance around $25,950 on BTC/USD’s hourly chart.
Resistance congregates around the $26,000 region. An emphatic breach may inaugurate a potential march towards $26,750. Subsequently, a $27,000 resistance awaits, the surpassing of which may stage the path for perpetual ascent, perhaps attacking the $28,000 check-post.
However, a failure to overcome the $26,000 barrier might instigate a downhill expedition for Bitcoin. The descent begins at $25,500, followed narrowly by $25,350. A firm plunge under these supports might bolster sell-offs, driving the price towards $24,500 or beneath to $24,000.
For those invested in, or intrigued by, the world of digital assets, 2023 will be marked out. A multitude of alternative cryptocurrencies and ICO projects are lined up, with experts from Industry Talk and Cryptonews curating a valuable selection to keep your eye on. Stay ahead of the game by exploring the potential of these cryptos, but proceed with a word of caution as the ecosystem is known for its volatility and inherent risks.
Source: Cryptonews
