Bitcoin Price Prediction as BTC Holds Steady at $26,500 Support – Are Bears Taking Control?
- Bitcoin currently trades at $26,730 with a slight 24-hour increase and boasts a market cap of $521.58 billion.
- The 50-day EMA stands at $27,210, emphasizing a bearish sentiment as Bitcoin trades below this marker.
- A notable chart pattern, the double bottom breakout, has occurred at $26,900, which now acts as a resistance point.
Bitcoin, the world’s premier cryptocurrency, faced challenges in sustaining its value, plunging below the $27,000 threshold on Friday. In the last 24 hours, its price largely oscillated around the $26,600 mark.
The recent depreciation is largely tied to the unveiling of the US Consumer Price Index (CPI) for September. This index rose by 0.4%, surpassing the projected 0.3%.
This unexpected surge in the CPI catalyzed a sell-off in risk-prone assets, encapsulating cryptocurrencies.
#BITCOIN 2-hr. Chart Analysis— AskToRahulSingh©️ (@AskToRahulSingh) October 13, 2023
As per present $BTC movements, it will be stucked between $26.9k to $26.5k , if it's moving into this scale up to 2-3 up-down cycles, then major chances to break-out $26k mark soon with in next 48 hrs.
While, $BTC already moving under #BearishFlag… pic.twitter.com/qJI6e5vmFg
Concurrently, the US Dollar rallied by 0.8% after the US CPI release, marking another significant element pressuring the cryptocurrency realm downwards.
This scenario underscores a heightened investor prudence, a sentiment casting shadows not merely on the crypto space but also on the conventional financial arenas.
On October 13, Bitcoin’s current trading price stands at $26,730, reflecting a marginal gain of 0.10% over the last 24 hours.
With a significant 24-hour trading volume of $13.54 billion, Bitcoin confidently holds its dominant position as the #1 cryptocurrency on CoinMarketCap. The live market capitalization for Bitcoin is an impressive $521.58 billion.
As of now, approximately 19.51 million BTC coins are in circulation, inching closer to its predetermined cap of 21 million BTC.
Bitcoin Price Prediction
In terms of the 4-hour chart, the pivot point for Bitcoin (BTCUSD) is identified at $26,536. On the upside, Bitcoin confronts its first line of resistance at $28,000, followed by resistances at $29,062 and $30,574.
On the downside, support is placed firmly at $25,426, with further supports at $23,891 and $22,876, respectively.
Two significant technical indicators provide insights into the current market trend. The Relative Strength Index (RSI) is marked at 37, leaning towards the bearish side.
Meanwhile, the 50-day Exponential Moving Average (EMA) is $27,210. With the current trading price below this EMA value, it underscores a short-term bearish trend in the market.
Recent chart analysis has revealed an intriguing pattern: a double bottom breakout at the $26,900 mark. Interestingly, this very level now seems to serve as a resistance for Bitcoin.
Such patterns suggest a testing phase for the digital currency as it grapples with overcoming this resistance.
Conclusively, Bitcoin’s trajectory seems bearish as it remains under the $27,210 mark. However, a breakthrough above this threshold can tilt the trend in favor of the bulls.
Short-term predictions anticipate Bitcoin challenging the aforementioned resistance levels in the forthcoming trading sessions.
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