As the crypto landscape experiences renewed enthusiasm, the trading volume of Bitcoin has surged, surpassing $13 billion.
The live price of Bitcoin today stands at $26,575, reflecting a subtle decline of less than 0.50% in the last 24 hours.
According to CoinMarketCap, Bitcoin firmly holds its position as the top-ranked cryptocurrency, boasting a market capitalization of $518 billion.
With its current circulating supply nearing 19.5 million BTC coins out of a maximum supply of 21 million, the key question on investors’ minds is: is it the right time to buy?
Bitcoin Price Prediction
After encountering resistance at the $27,500 mark, Bitcoin’s price has declined. The cryptocurrency recently experienced a setback, failing to breach the $27,500 resistance, leading to it trading beneath both the $27,000 and $26,800 benchmarks, indicating a bearish shift.
Moreover, the BTC/USD pair saw a disruption in its bullish trend, falling below its supportive trend line near the $26,800 mark on an hourly chart.
The pair revisited the $26,350 bracket and is now undergoing a phase of loss consolidation.
Currently, Bitcoin hovers below the $27,000 threshold and beneath the 100-hourly Simple Moving Average.
It faces an immediate resistance at approximately $26,800, with a significant resistance close to $27,000, accentuated by a prevailing bearish trend line.
If the cryptocurrency can surpass the $27,050 mark, it may witness a bullish surge, potentially heading towards the $27,500 resistance.
Any substantial gains beyond this could set its sights on the $28,800 mark in the ensuing days. However, its descent might persist if Bitcoin doesn’t rally beyond the $27,000 resistance.
The cryptocurrency’s immediate support is pegged at around the $26,350 range, with a subsequent major support near $26,200.
Should Bitcoin breach and settle below the $26,200 mark, this could trigger a pronounced bearish wave, potentially driving its price down to the $25,400 support level.
Top 15 Cryptocurrencies to Watch in 2023
Get ahead of the game in the world of digital assets by checking out our carefully curated selection of the top 15 alternative cryptocurrencies and ICO projects to watch for in 2023.
Our list is compiled by industry experts from Industry Talk and Cryptonews, so you can expect professional recommendations and valuable insights for your cryptocurrency investments.
Stay updated and discover the potential of these digital assets.
Find The Best Price to Buy/Sell Cryptocurrency
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
Source: crypto news
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