In light of the remarkable $8 billion in business volume inflow, BitcoinFuture valuation has become a hot topic among traders and investors.
This surge has sparked a flurry of speculation – could this be the end of the recent bitcoin selloff?
This bitcoin price prediction attempts to trace the potential bitcoin price trajectory and discusses whether we are nearing the conclusion of the cryptocurrency’s recent bearish run.
Unprecedented Slowdown in Bitcoin Supply Indicates Strong Hodling Behavior Amidst Market Volatility
Recent data from on-chain analytics firm Glassnode reveals record levels of inactivity in the bitcoin supply.
According to the firm’s tweet, approximately 40.083% of the total bitcoin supply has been lying idle for the past three years, an unprecedented event in the history of the cryptocurrency.
This suggests that a significant number of bitcoin owners held on to their assets, which is a hallmark of the bitcoin market, unaffected by wild price fluctuations.
Supply dormancy is a term used to denote the period of time when bitcoins remain untouched or untouched in wallets.
The longer this period, the greater the supply latency. Analysts often use this metric to understand investor behavior and market sentiment.
Elevated levels of dormancy usually reflect a ‘hodling’ behaviour, which allows bitcoin owners or ‘hodlers’ to maintain their holdings through market volatility, hoping for long-term increases in value.
bitcoin price
currently, Bitcoin It holds a price tag of $26,800, and technically speaking, it has found a buffer at the $26,300 level, successfully stopping its downward trajectory.
The previous support level of $26,800 on the four-hour chart, once broken, has now become a potential hurdle for bitcoin, acting as a resistance level.
Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), key technical indicators, are currently indicating an oversold market.
This implies that if bitcoin holds above the $26,000 mark, there is ample potential for a bullish rally to the $27,800 or $27,500 target.
Furthermore, it is important to acknowledge that the 50-day exponential moving average (EMA) has established a key resistance point near $27,500, indicating that bearish sentiment dominates the market.
It is important to keep a close eye on the $26,000 mark as it serves as a turning point for bitcoin.
Should bitcoin manage to hold above this point, it could aim to challenge the subsequent resistance levels at $27,500 or $28,400.
Conversely, if the bearish trend continues, we can expect the next support to emerge around the 50% Fibonacci retracement level, which is at $25,300.
Top 15 Cryptocurrencies to Watch in 2023
The Cryptonews Industry Talk team has compiled a list of promising cryptocurrencies for 2023 that show strong prospects. These cryptocurrencies demonstrate substantial potential for growth in the near and distant future.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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