As the realm of cryptocurrency faces an upswing in enthusiasm, trading volumes of Bitcoin have climbed, surpassing a stellar $13 billion. Currently, Bitcoin – the undisputed champion of cryptocurrencies – hovers at a live price of $26,575, a downshift of less than 0.50% in recent hours according to CoinMarketCap. With a market cap standing tall at $518 billion and nearly 19.5 million Bitcoins in circulation out of a potential maximum of 21 million, crypto-enthusiasts are left pondering a poignant question – are we at an apt junction for investment?
Bitcoin’s tumultuous journey paints an interesting tableau. After a bold resistance at the $27,500 landmark, Bitcoin suffered a drawback and couldn’t bypass this threshold. Consequently, trade numbers dipped beneath subsequent benchmarks of $27,000 and $26,800, maneuvering Bitcoin into a bear zone. On an hourly chart, the BTC/USD witnessed a trend upset, dropping beneath the previously supportive trend line sitting close to the $26,800 mark. After paying a visit to the $26,350 bracket, Bitcoin appears to be in a phase of loss consolidation.
In its current disposition, Bitcoin lingers beneath the $27,000 mark as well as the 100-hour Simple Moving Average. It holds an immediate resistance of $26,800, with a stiffer resistance hovering close to $27,000, accentuated by an overarching bearish trend line. If Bitcoin manages to break free from the $27,050 hold, a bullish surge could unfold, bringing the $27,500 resistance within its sights. Of course, if Bitcoin fails to rally beyond the $27,000 resistance, one can expect the prevailing descent to continue.
Bitcoin’s immediate support is rooted at approximately $26,350, trailed by an essential support near $26,200. A breach and setting beneath the $26,200 support point could set off a formidable bearish wave, potentially driving the Bitcoin’s nosedive down to a $25,400 support level.
In 2023, there will be a lineup of alternative cryptocurrencies and ICO projects that may shake up the digital assets landscape. Stay informed on the potential of these treasured digital assets with the help of curated selections compiled by industry professionals from Industry Talk and Cryptonews.
For those embarking on buying or selling cryptocurrency, it’s vital to track the crypto price and find the best price. But tread with caution, as cryptocurrencies are high-risk investments with a volatile nature not for the faint of heart. Always perform your own diligent research when diving into this thriving digital labyrinth.
Source: Cryptonews
