With abated breath and eager anticipation, the crypto community has been closely watching Bitcoin, which once again has been making headlines with its most recent surge in trading volume. The premier cryptocurrency’s performance has been nothing short of impressive, with growth beyond the $26,000 hallmark kindling curiosity among investors and market analysts alike. With its position at $25,881, Bitcoin’s subtle ascension of nearly 0.10% within the last 24 hours has been noticeable. As the stronghold at the top spot on CoinMarketCap, Bitcoin, with its phenomenal market cap of almost $504.17 billion USD, continues to hold its ground.
The current circulation of around 19.48 million BTC coins underscores the cryptocurrency’s unique selling point of inherent scarcity, considering its maximum supply cap at 21 million. The price trajectory of Bitcoin shows a positive upside momentum with it surpassing the $26,000 mark. However, the challenges are far from over for Bitcoin suffers from formidable resistance at the $26,500 price point. The crypto goes toe-to-toe with this hurdle, demonstrating its resilience by hanging on above the critical $25,350 support.
The market’s bullish sentiment has been instrumental in driving Bitcoin’s price beyond the $25,850 resistance, subsequently pushing past the formidable $26,000 barrier, and breaking down a significant bearish trend line. This shift brought it face-to-face with the $26,500 resistance, where selling pressure took a toll. It managed an apex of around $26,487 before consolidating.
Interestingly enough, Bitcoin pulled back below the 23.6% Fibonacci retracement level, drawn from the recent surge from $25,609 to $26,487. Currently seeming comfortable above the 61.8% Fibonacci level, Bitcoin is buoyed by the 100 hourly Simple Moving Average. An impending resistance looming at $26,400, followed by the significant roadblock at $26,500.
If Bitcoin manages to close above this checkpoint, we may be in for an applaudable price hike, with the next hurdle at $27,000 from which we may visualize the bulls cementing their position further to challenge the $28,000 pinnacle. On the contrary, if Bitcoin stumbles, we could see it pullback to the $26,100 level. If the fall goes beyond the $26,000 mark, negative sentiments could potentially drag the asset down to $25,500 or even as low as $25,350.
As we know, the world of blockchain isn’t just about Bitcoin. There are alternative cryptocurrencies and ICO projects worth investigating, so make sure to keep an eye out on upcoming prospects to stay ahead of the game in 2023.
Cryptocurrency projects are fraught with considerable risk and volatility. The areas mentioned are not financial advice, rather they offer valuable insights. Always make sure to research thoroughly before indulging in such investments.
Source: Cryptonews
