In the volatile world of cryptocurrency, Bitcoin continues to hold its own as a leading digital asset, despite suffering a significant drop recently.
Today, Bitcoin’s live price is around $25,772, up slightly by around 0.25% over the past 24 hours. However, this minor increase does not outpace the 6 percent decline that the cryptocurrency has seen over the past week.
With a whopping 24-hour trading volume of $12.3 billion, Bitcoin maintains its top spot in CoinMarketCap’s ranking at #1.
The currency’s live market cap stands at an impressive $502 million while its circulating supply approaches 19,478,418 BTC, nearing the final supply cap of 21,000,000 BTC coins.
The Worst Is Yet To Come for BitcoinBut as BTC experiences this temporary crash, investors and market analysts are wondering: is Bitcoin the worst yet to come?
Bitcoin Price Prediction
Bitcoin price remains in a consolidation phase and remains just above the $25,500 level. Although there is potential for a corrective rise, any significant upside could face resistance around the $26,200 level.
Previous attempts to clear the $26,000 resistance were unsuccessful as bitcoin lacked the momentum to break the $26,000-$26,200 area.
After these unsuccessful attempts, the cryptocurrency experienced a bearish decline and slipped below the $25,650 level. Nonetheless, the resilient bulls have sustained the $25,350 support, allowing bitcoin to reclaim the $25,500 area.
Currently, its trading history is below both the $26,000 level and the 100 hourly simple moving average. Additionally, a prominent bearish trend line has been identified, which poses resistance around $25,950 on the hourly chart of BTC/USD.
Bitcoin price chart – Source: Tradingview
Immediate resistance hovers near the $26,000 region, paralleling the trend line and closely matching the 23.6% Fibonacci retracement of the significant plunge from the $28,150 top to the $25,333 nadir.
The first significant barrier is at the $26,200 level. A final rally above this resistance could pave the way for an eventual rally towards $26,750, adjacent to the 50% Fibonacci retracement of the aforementioned major pullback.
Additionally, resistance is emerging at $27,000, which a break could offer the bulls an opportunity for a sustained rise, potentially targeting $28,000.
However, if bitcoin struggles to clear the $26,000 resistance, a downtrend could ensue. Immediate support levels are around $25,500, followed closely by $25,350.
A decisive decline below the latter could add selling pressure and potentially propel the price near $24,500 or even as high as $24,000.
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Find the best price for buying/selling cryptocurrencies
Cryptocurrency Price Tracker – Source: Cryptonews
Disclaimer: Cryptocurrency projects recommended in this article do not constitute financial advice from the publishing author or publication – cryptocurrencies are highly volatile investments with significant risk. Always do your own research.
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