With the current live price index placing Bitcoin at $26,203 and a 24-hour trading volume rushing towards the $10 billion mark, enthusiasts and investors alike are feeding on a renewed fervour for the digital currency leader. As the day records a 0.50% surge, Bitcoin stands dominant at #1 in the CoinMarketCap rankings. Despite nearly 19.5 million BTC coins presently circulating from an upper limit of 21 million, speculations have surged back onto the scene – Is the bull market making its grand reappearance?
September painted a rather unusual picture with the Conference Board’s Consumer Confidence Index dipping, settling at 103.0 from the revised 108.7 in August. The Present Situation Index reported a marginal ascension up from its past figure, gauging customers’ understanding of the prevailing business and labour market situations. But the Expectations Index saw a dip as it fell below the crucial 80 mark, a sign traditionally suggestive of a potential recession looming on the horizon.
Currently, Bitcoin’s run seems to be more horizontal in nature. Falling below its pivotal $26,500 support threshold, chances for a further decrease, possibly breaching the imposing $26,000 landmark, are being speculated. Several attempts, though promising at first, have failed to catapult Bitcoin past the $27,500 barrier. This prolonged retraction invites a bearish overtone as it forced Bitcoin beneath key support areas of $27,000 and $26,500.
Charting the price of Bitcoin, a brief fall was recorded under the $26,200 foundational level, brushing the $26,000 checkmark. Despite this, a recent low around $26,026 propels the cryptocurrency into a loss mitigation phase. BTC is now poised marginally above the 23.6% Fibonacci retracement level, encountering imminent resistance at $26,350 and $26,500. The path for the asset may see a lofty rise to $27,000 and further to $27,500, should the $26,700 obstacle be cleanly overcome. Yet, inability to pass this test might divert BTC to lower safeties of $25,400, or even $25,000.
To stay updated within the rapidly evolving world of digital assets, it would be worthwhile to look closely at the 15 cryptocurrencies projected to be making waves in 2023. The list, thickly laden with expert opinions from Industry Talk and Cryptonews, offers essential insights for digital currency investments. As always, cryptocurrencies bear inherent volatility and considerable risk, making independent, in-depth research crucial before venturing into any new investment.
Source: Cryptonews
