Bitcoin, the world’s leading cryptocurrency, recently hit a major milestone in its price action by successfully hitting the 61.8% Fibonacci retracement level.
This retracement pattern is based on the mathematical ratios derived from the Fibonacci sequence and is commonly used by traders and analysts to identify potential support and resistance levels in the market.
The completion of the 61.8% retracement indicates a crucial turning point for Bitcoin’s price action.
In this bitcoin price prediction, we will look at the implications of this retracement level and examine the possible scenarios for bitcoin going forward.
bitcoin price
As of today, Bitcoin is trading at a price of $26,742 with a trading volume of $11.9 billion over the last 24 hours.
The cryptocurrency posted gains of about 1.30% over the period. In terms of market cap, Bitcoin retains its top spot with a live market cap of $518 billion.
The circulating stock of Bitcoin is 19,384,918 BTC coins while the maximum supply is capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
On Saturday, bitcoin exhibited a tight trading range, with the upper bound around the 26,875 mark and the lower bound near the 26,675 mark.
A closer look at the four-hour time frame shows that Bitcoin has already completed a 61.8 percent Fibonacci retracement to the 26,875 level.
Recent candle closes below this level have raised concerns for a continuation of the uptrend.
Therefore, if Bitcoin fails to scale above 26,875, there are chances of a drop towards the next support level at 26,500, which is also reinforced by the 50-day exponential moving average.
Further down, if Bitcoin breaks below the 26,500 level, expect next support around 26,250. Above that, if this level holds, Bitcoin could continue falling towards 25,900.
Bitcoin price chart – Source: Tradingview
On the other hand, if Bitcoin successfully breaks through 26,875, it has the potential to target the 27,011 resistance level, followed by a possible break towards 27,200, which could take Bitcoin to levels around 28,000.
Current technical indicators such as the RSI, MACD and the 50-day exponential moving average all support a buying trend.
Hence, it is prudent to wait for the breach of the 26,800 level before confirming the bullish momentum.
It is advisable to keep a close eye on this particular level in order to assess the continuation of the trend.
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Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.
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Cryptocurrency Price Tracker – Source: Cryptonews
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