Bitcoin seems to be on an upward trend in the ever-fluctuating world of cryptocurrencies. Currently, Bitcoin is priced at $27,189, reflecting a nearly 3% rise in the last 24 hours and over 6% in the last seven days. The trading volume has reached an astonishing $10.4 billion.
Cementing its top position, Bitcoin holds the #1 spot on CoinMarketCap with a live market cap of $529 billion.
With a current circulating supply of 19,489,231 BTC coins, it remains a point of interest for investors and enthusiasts alike, especially as it inches closer to its max supply cap of 21,000,000 BTC.
The question many are asking now: is it the right moment to invest?
Bitcoin Price Prediction
From a technical perspective, Bitcoin has breached the long-standing resistance level of $26,800. This specific breach can be attributed to the “double tap” pattern, visible in the four-hour timeframe.
Alongside this, the downward trend line, which previously capped Bitcoin’s upward movement around the $26,800 mark, has been surpassed, suggesting a potential continuation of the bullish trend.
Notably, on the four-hour chart, a dominant bullish candle has emerged, overshadowing previous candles. This hints at a robust bullish momentum for Bitcoin in the market.
Given this trend, Bitcoin’s immediate resistance or target appears to be set around the $27,500 mark. If the momentum continues, Bitcoin could test levels near $27,900.
Beyond this, an unwavering bullish run has the potential to drive Bitcoin towards the $28,800 level.
Conversely, on the downside, Bitcoin’s key support is around the $26,800 level, the same level previously served as a resistance. Presently, it is anticipated to act as a support for Bitcoin.
Should there be a drop below this level, Bitcoin could face the next support at approximately $26,300, and then potentially at the critical $26,000 mark – a psychological support that might restrict further declines.
In conclusion, the pivotal level to monitor is $26,800. A sustain above this suggests a bullish continuation, while a dip below it may warrant caution and potential short positions.
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