Bitcoin Price Prediction as Crypto Market Selling Continues – What's Going On?
Amid a continued selling trend in the crypto market, Bitcoin's value experiences notable fluctuations. As of now, the live price of Bitcoin stands at $25,090, with an impressive 24-hour trading volume of $14.7 billion.
However, despite its market dominance—reflected in its #1 ranking on CoinMarketCap—Bitcoin has seen a dip of nearly 3% in the past 24 hours.
The currency's live market capitalization is a whopping $488.83 billion, and out of its maximum supply of 21 million BTC coins, 19,482,656 BTC are currently in circulation.
The pressing question on everyone's mind is: What's causing this market upheaval?
Bitcoin Price Prediction
Delving into the technical analysis of Bitcoin, it is evident that the premier cryptocurrency has recently witnessed a stark downturn.
Specifically, it has breached a significant triple bottom support at the $25,400 level—a benchmark that had been underscored by the triple bottom pattern visible on the 4-hour timeframe.
The presence of the "Three Black Crows" candlestick pattern on this same timeframe further augments the prospects of a continued bearish trend.
Presently, Bitcoin is navigating the oversold territory. Oscillator indicators, like the Relative Strength Index (RSI), are lingering below the 30 mark, which typically suggests seller exhaustion.
Such a dynamic often paves the way for a brief bullish correction prior to a potential resumption of the downtrend. Concurrently, the Moving Average Convergence Divergence (MACD) indicator has entrenched itself in the sell zone, with histograms forming below the zero line—another beacon of bearish sentiment.
The 50-day Exponential Moving Average (EMA) is positioned around $25,500, and with Bitcoin currently priced at approximately $25,200, and consistently trading below the 50 EMA, the bearish bias remains robust.
From this technical analysis point, Bitcoin is poised to encounter resistance around the $25,400 level.
A modest bullish correction up to the $25,600 level might merely be a precursor to a deeper dive, potentially targeting the next support level at $24,800.
If Bitcoin was to decisively undercut the $24,800 level, the subsequent support is anticipated around the $24,000 mark. It's also worth noting a descending trend line, currently posing as a significant barrier around the $25,600 mark.
However, should Bitcoin muster a bullish breakout above this line, the gates might open for a rally towards the $26,400 level or even as high as $46,000.
In summation, the $25,600 level emerges as a critical juncture, likely serving as today's pivotal point in the trading landscape.
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