2023-06-18 09:58:00
Bitcoin price experienced a sharp increase yesterday, breaking above the crucial $26,000 resistance level. The current Bitcoin price is 26 515 dollars, with a 24-hour trading volume of $9.3 billion. With its dominant position as the top-ranked cryptocurrency on CoinMarketCap, Bitcoin holds a live market capitalization of $514 billion.
In the past 24 hours, Bitcoin saw a slight downward move, but is up nearly 3% over the past seven days. This bullish momentum has sparked speculation on the next BTC target : Traders and investors are eagerly watching cryptocurrency price movements for identify potential price levels Bitcoin might reach in the near future.
Bitcoin Price Prediction
Bitcoin gains strength following its breakout above the resistance level around $26,000. From a technical standpoint, when we look at the four-hour chart, Bitcoin broke through the significant resistance at $26,000: that’s both a psychological threshold and a level supported by a downtrend line.
The fact that the candles are closing above the $26,200 level, however, suggests a dominant bullish sentiment in the market. Additionally, Bitcoin peaked at around $26,450 before undergoing a slight bearish correction and finding support at the previously tested resistance level of $26,250: it is now acting as a support level.
Indicators Relative Strength Index (RSI) et Moving Average Convergence Divergence (MACD), both in buy zone, also support the potential for a continuation of the uptrend. And this is also the case for the 50-day exponential moving average (EMA).
The maintenance of a position above the $26,200 level might therefore lead to a further upward move with a next target at $26,850. While, a break below the $26,200 level might quickly initiate a decline towards $25,500.
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