As Bitcoin takes the limelight once again, its live valuation stands at $25,702, experiencing a minor slump of nearly 1% over the past 24 hours.
According to the latest metrics from CoinMarketCap, Bitcoin proudly retains its #1 position with a monumental market capitalization of approximately $500.6 billion.
The current circulation encapsulates 19,477,231 BTC coins, edging closer to its maximum supply limit of 21 million BTC.
With an active trading volume of $11.6 billion, the recent downturn prompts the question: Is this the opportune moment for investors to buy the dip?
Bitcoin Price Prediction
Bitcoin ‘s valuation is facing challenges in surging past the $26,200 mark. Recent trends suggest a potential decline below $25,500 in the imminent future.
Although there was an attempt to rally from the $25,350 threshold, the digital currency encountered resistance, particularly at the pivotal $26,200, maintaining its bearish disposition.
Currently trading beneath $26,000, multiple indicators foreshadow an amplified bearish sentiment below this figure, accompanied by the 100-hourly Simple Moving Average.
Additionally, a prominent downward trend line, with its resistance around $25,650, can be discerned on the BTC/USD pair’s hourly chart.
The immediate overhead resistance is pinpointed around $25,650, with a consequential significant resistance close to the $26,000 mark.
This latter resistance correlates with the 23.6% Fibonacci retracement level of the descent from a high of $28,150 to a low of $25,332. Any further notable resistance lies at approximately $26,200.
Surpassing this could potentially initiate a more substantial recovery, aiming for the $26,500 region, and potentially targeting an even more optimistic $27,800 upon breaching the $27,000 resistance.
Conversely, a descending trajectory might persist if Bitcoin cannot navigate past the $26,000 resistance.
Immediate floor support is identifiable near $25,350, followed by a critical support at $25,000. Breaking beneath this pivotal point might accelerate the bearish momentum, potentially driving values as low as $24,500.
Top 15 Cryptocurrencies to Watch in 2023
Explore our meticulously chosen collection of the top 15 digital assets to watch in 2023 to stay updated on the latest initial coin offering (ICO) projects and alternative cryptocurrencies.
This list has been compiled by industry experts from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights.
As you navigate the ever-changing world of digital assets, stay ahead of the game and discover the potential of these cryptocurrencies.
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.