As Bitcoin steadies around the $26,800 threshold, all eyes are on its future price direction. Dubbed as digital gold, the estimations of its upcoming movements present expected opportunities coupled with significant challenges. Currently, Bitcoin leans at a crucial $26,800 leverage point, leaving investors pondering on the best timing to make their move.
According to the data from September 28, Bitcoin hovers at $26,938. It has transacted a hefty sum of nearly $8.47 billion in the last 24 hours, which accounts for a modest 1% downturn. Nonetheless, in the vast panorama of the cryptocurrency market, Bitcoin continues to uphold its distinguished #1 standing on CoinMarketCap – with a commanding live market valuation at approximately $525.29 billion.
Supply analytics show about 19.5 million BTC coins actively circulated in the market against a ceiling firmly set at 21 million coins.
Drawing attention to the finer technical points according to a 4-hour chart view, Bitcoin’s pivot point stands at $26,629. Predicting an upward trajectory, the first resistance is found at $27,116, followed by progressive obstacles at $27,972 and $29,305. On the flipside, the digital asset’s immediate footing lies at $25,767, backed by deeper defenses at $25,277 and $23,966.
As far as indicators are concerned, the Relative Strength Index (RSI) positions itself mildly bullish at 58, more so when an above 50 RSI points to bullish sentiment. The MACD, another critical technical marker, records a reading of 9 against a signal value of 139. These, along with Bitcoin’s current above the 50 EMA (50-Day Exponential Moving Average) standing at $26,636, foster its short-term upward trend.
The presence of a descending trendline resistance around $27,250 does not go unnoticed. A potential vault above this limit could signal a rejuvenated upward rally for Bitcoin. Hence, Bitcoin’s current position recommends a strategic buy above the $26,600 mark or a sell below it. But as always, potential investors are urged to tread carefully and consider expert financial advice before solidifying any investment decisions.
In related news, Bitcoin Minetrix ($BTCMTX), a new cryptocurrency presale contender, has unfolded a revolutionary stake-to-mine approach. So far, the project has fetched around $235,000, offering investors the chance to garner high annual percentage yields (APY) with staking tokens and cloud mining for BTC rewards. A unique feature of Bitcoin Minetrix is its low entry point of just $10 and top-of-the-line security features.
Always remember that any cryptocurrency investment comes with notable risks and high volatility. Doing one’s own research is therefore of utmost importance.
Source: Cryptonews
