As the crypto landscape experiences renewed enthusiasm, the trading volume of Bitcoin has surged, surpassing $13 billion.
The live price of Bitcoin today stands at $26,575, reflecting a subtle decline of less than 0.50% in the last 24 hours.
According to CoinMarketCap, Bitcoin firmly holds its position as the top-ranked cryptocurrency, boasting a market capitalization of $518 billion.
With its current circulating supply nearing 19.5 million BTC coins out of a maximum supply of 21 million, the key question on investors’ minds is: is it the right time to buy?
After encountering resistance at the $27,500 mark, Bitcoin’s price has declined. The cryptocurrency recently experienced a setback, failing to breach the $27,500 resistance, leading to it trading beneath both the $27,000 and $26,800 benchmarks, indicating a bearish shift.
Moreover, the BTC/USD pair saw a disruption in its bullish trend, falling below its supportive trend line near the $26,800 mark on an hourly chart.
The pair revisited the $26,350 bracket and is now undergoing a phase of loss consolidation.
Currently, Bitcoin hovers below the $27,000 threshold and beneath the 100-hourly Simple Moving Average.
It faces an immediate resistance at approximately $26,800, with a significant resistance close to $27,000, accentuated by a prevailing bearish trend line.
If the cryptocurrency can surpass the $27,050 mark, it may witness a bullish surge, potentially heading towards the $27,500 resistance.
Any substantial gains beyond this could set its sights on the $28,800 mark in the ensuing days. However, its descent might persist if Bitcoin doesn’t rally beyond the $27,000 resistance.
The cryptocurrency’s immediate support is pegged at around the $26,350 range, with a subsequent major support near $26,200.
Should Bitcoin breach and settle below the $26,200 mark, this could trigger a pronounced bearish wave, potentially driving its price down to the $25,400 support level.
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Our list is compiled by industry experts from Industry Talk and Cryptonews, so you can expect professional recommendations and valuable insights for your cryptocurrency investments.
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