Bitcoin Price Prediction as Bulls Hold $25,800 Level – Here are Key Levels to Watch
In the ever-evolving cryptocurrency landscape, Bitcoin price appears to be showcasing a resilient stance as bulls firmly clutch the $25,800 mark.
As of today, Bitcoin is trading at a commendable $25,904.23, reflecting a modest uptick of nearly 0.50% over the past 24 hours.
Backed by an impressive trading volume of $8.4 billion, Bitcoin continues to dominate the market, holding its reigning position at #1 on CoinMarketCap.
With a live market capitalization of $504 million and a circulating supply of 19,474,968 BTC out of the maximum 21,000,000 BTC coins, the premier cryptocurrency remains a focal point for investors worldwide.
Here's what market observers should be keenly monitoring in the forthcoming sessions.
Bitcoin Price Prediction
Upon technical analysis, Bitcoin displays a slightly bullish trend, especially after rebounding from the significant support level of $25,400.
Bitcoin is currently edging closer to the next significant support level at $25,400, marked by the lowest point it reached on August 22.
The likelihood of a further decline is strengthened by a bearish engulfing candle detected on the four-hour chart, which is compounded by a bearish crossover that has occurred below the 50-day exponential moving average.
At the same time, the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) both exist in a sell zone, further reinforcing the potential for lasting bearish momentum.
If Bitcoin surpasses the $25,400 threshold, it can expect support to come in around $24,600, while $24,150 will serve as a strong base.
Conversely, the resistance at $25,900 is expected to be significant. A bullish move beyond this could open the door for a climb towards $26,400, potentially even $27,000.
To sum up, the crucial price point to keep an eye on today is $25,400, as it will likely determine the direction of Bitcoin.
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