In the ever-evolving cryptocurrency world, resilience seems to be a defining characteristic of those who manage to stay afloat, and Bitcoin is no exception. Bitcoin has once again bounced back from its substantial $25,000 support level, stirring speculation about whether the coin’s recent trough has seen its final days. Bitcoin’s current price is hovering around $26,000, denoting a 3.36% rise in the last 24 hours. With an exceptional 24-hour trading volume of $18.6 billion, Bitcoin continues to assert its reign at the top spot on CoinMarketCap.
For those who like crunching numbers, Bitcoin’s market cap stands impressively at $506.66 billion. With the current circulation of 19,483,481 BTC from a total of 21,000,000 BTC, the trading community is vigilantly monitoring Bitcoin’s next moves.
Upon diving deeper into the technical aspects, Bitcoin’s notable bullish trend exhibits its capacity to penetrate significant resistances, particularly the $25,900 mark. However, Bitcoin’s aspiration to achieve phenomenal heights saw a minor setback as it struggled to keep above the $26,500 threshold.
Consequently, it retreated slightly below the $26,000 mark but remained slightly above its previously breached resistance at $25,900, now turned support level. The Relative Strength Index and the Moving Average Convergence Divergence, both lingering in the buying zone, alongside the 50-day exponential moving average, lend potential for a continued bullish trend, given BTC manages to stay above the $25,600 level.
If BTC were to take a downward plunge below this mark, the critical support levels to look for would be $25,400 and the utmost $24,950 mark. On the flip side, succeeding to break through the $26,500 resistance, anticipated targets would position around the $27,000 and $27,500 levels. Thus, in this scenario, the $26,500 mark emerges as a critical pivot point that could either forecast a bearish downturn or a bullish surge.
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Source: Cryptonews
