Bitcoin Price Prediction as BTC Drops 1% – Time to Buy the Dip?
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.
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