As Bitcoin As the long-term support level of $25,000 is reached, there is speculation as to whether the price will sustain or experience further downside.
Traders and investors closely monitor market movements to determine the next possible move for the leading cryptocurrency. The price forecast for bitcoin remains uncertain as it navigates this crucial support level.
Let’s delve deeper into the factors affecting market sentiment and explore the potential for bitcoin’s future trajectory.
Bitcoin faces regulatory uncertainty and dollar strength: impact on the market
bitcoin is facing increased regulatory uncertainty In the United States, Marathon Digital, as a major mining company, has received a subpoena from the SEC.
The purpose of the investigation is to determine whether Marathon Digital violated federal securities laws through related party transactions.
moreover, Grayscale GBTC Trust Fund Raises ConcernsWhich has a substantial amount of bitcoins and has been trading at a significant discount for over a year.
The parent company, Digital Currency Group (DCG), has faced challenges with failed subsidiaries including Genesis Capital filing for bankruptcy protection.
Amid these developments, bitcoin experienced a 7.2% correction, while the US dollar showed strength, as indicated by the Dollar Strength Index (DXY).
The inverse correlation between the DXY index and bitcoin suggests that a stronger dollar affects demand for alternative store-of-value assets.
To gain further insight into the market, check derivatives metrics and positions of professional traders.
bitcoin price
current price of Bitcoin Standing at $26,454 with a trading volume of $18.4 billion in the last 24 hours. Bitcoin has decreased in value by more than 2.75% during this period.
As a leading cryptocurrency, it holds the top position on Coinmarketcap with a live market capitalization of $512 billion.
The circulating supply consists of 19,371,200 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.
On the technical front, bitcoin found support near $26,300 after stopping the downtrend.
A breach of the $26,800 support level on the four-hour time frame has now turned it into a potential resistance level for bitcoin.
Looking at key technical indicators such as the Relative Strength Index (RSI) and the moving average convergence divergence (MACD), both are in the oversold zone, indicating that if bitcoin holds above $26,000, there is a possibility of a bullish rally towards $27,800 or $27,500. There is a good chance.
However, the 50-day exponential moving average (EMA) is also acting as a key resistance near $27,500, suggesting that the bearish bias remains intact.
In short, view $26,000 as an important pivot point. The ability of bitcoin to sustain above this level could test the next resistance at $27,500 or $28,400.
In case of a sustained downtrend, the next support is likely to lie near the 50% Fibonacci retracement level of $25,300.
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