The unpredictable universe of cryptocurrency is once more in the global spotlight with hefty swings triggering price nosedives. As Bitcoin, the foremost digital asset, faces a substantial depreciation, the curious among us can’t help but conjecture its future path. The present live price of Bitcoin hovers at $25,882, representing a dip of nearly 2.5% in 24 hours. Despite the substantial trading volume of $20 billion, Bitcoin remains steadfast in its numero uno position on CoinMarketCap, brandishing a live market cap of $503 billion. Amid these statistics, the question that continues to loom is the fate of Bitcoin’s price trajectory.
The Bitcoin price had a fair share of activity following its dip below the $29,000 milestone on August 6th. As of now, it has spiraled further downwards, flirting around the $25,800 margin. The four-hourly timeline analysis of Bitcoin has indicated the ‘Three Black Crows’ candlestick patterns, a tell-tale sign of potent bearish sentiment. Also, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) oscillators have plunged into the oversold territory, underscoring the prevailing bearish dominance.
The 50-day Exponential Moving Average (EMA) is stationed near the $27,300 mark, recent candle closings suggest a continued bearish pulse. A bellwether resistance seems to have formed around $26,200. The closing of a two-day candle pattern coupled with a bearish engulfing candlestick below this level implies that the bearish undertone persists under $26,200. If this trend persists, it could see Bitcoin slipping further to $25,600 and potentially down to $25,200. On the flip side, a surge past the $26,200 hurdle might set the stage for Bitcoin to aim for the next resistance at $26,800.
An unbroken upward move could shoot Bitcoin’s price toward $27,300 and ultimately to $27,600. A slump below the $25,200 barrier may unlock further depreciation, potentially hitting a low of $24,800. A confluence of technical pointers, including 50-day EMA, RSI, and MACD, coupled with the ‘Three Black Crows’ and bearish engulfing candle patterns on the four-hourly chart, suggest a tenacious bearish reign. Consequently, investors should remain vigilant of the $26,200 mark as a move below this could hint at further declines.
With the year 2023 on the horizon, sweeping the world of cryptocurrency for potential digital investments has never been more vital. The key 15 cryptocurrencies to watch in 2023 has been collated by industry experts from Industry Talk and Cryptonews. This selection provides you with expert-backed recommendations and beneficial insights.
Find trusted digital purchases and stay ahead in this swiftly evolving sector by exploring these selected cryptocurrencies. It’s important to remember that the erratic nature of cryptocurrencies present considerable risk, so diligent research is a must. Always invest with caution. It must be noted that this document does not construe financial advice, but a collection of analytics and data for consideration.
Source: Cryptonews
