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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.
Top 15 Cryptocurrencies to Watch in 2023
Looking to stay ahead of the game in the realm of digital assets? We’ve got you covered with our handpicked selection of the top 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023.
Our list has been curated by industry experts from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights for your cryptocurrency investments.
Keep yourself updated and explore 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.
