Although Bitcoin‘s price stands at a prestigious $26,600, the eminent cryptocurrency struggles to break the formidable $27,000 line. Despite its commanding position as the apex cryptocurrency, with a swirling market capitalization of $518 billion, Bitcoin’s growth seems somewhat restrained. The digital asset’s current circulating supply hovers at 19,494,637 BTC, with an ultimate cap set at 21,000,000 BTC.
Upon encountering a bottleneck at the $27,500 mark, Bitcoin’s price has started to descend. The currency recently struggled, unable to outdo the $27,500 resistance, which resulted in its plunge below the $27,000 and $26,800 levels, hinting at an inclination toward the bears. To compound matters, the BTC/USD pair experienced a hiccup in its upward drive, slipping below its trend line support around the $26,800 point.
Currently, Bitcoin wrestles with the $27,000 level, slumbering under the 100-hourly Simple Moving Average. A significant hurdle poses a challenge at the $26,800 region, with an even more formidable obstruction approaching the $27,000 mark.
However, should Bitcoin clear the $27,050 hurdle, it could launch into an upward direction, setting its sights on the $27,500 resistance. Subsequent significant strides might set the stage for a further jump towards the $28,800 region. However, if Bitcoin continues to cower under the $27,000 resistance, it might persist in its bearish trend.
The cryptocurrency currently finds support around the $26,350 level, with critical support at approximately $26,200. If Bitcoin falters below the $26,200 mark, it could trigger a severe bearish momentum, perhaps thrusting Bitcoin towards the next support at $25,400.
As we move ahead into uncharted territory, cryptocurrencies like Bitcoin continue to pique the interest of investors. The pleasure and pain of crypto trading is watching these digital assets rise and fall, sometimes agonizingly so. However, the potential rewards are enticing, and many are willing to take their chances in this high-stakes game.
Before you throw in your lot in the crypto world, remember, while the rewards can be significant, so too can the losses. Stay updated, make informed choices, and always proceed with caution. In the world of cryptocurrency, fortunes can be made or lost at the click of a button. Source: Cointelegraph.
Source: Cryptonews
