Bitcoin, the world’s leading cryptocurrency, recently completed a significant milestone in its price movement as it successfully scaled the 61.8% Fibonacci retracement level.
Based on mathematical ratios derived from the Fibonacci sequence, this retracement pattern is often used by traders and analysts to identify potential support and resistance levels in the market.
The completion of the 61.8% retracement signaled a turning point for bitcoin’s price trajectory.
In this bitcoin price prediction, we will delve into the implications of this retracement level and explore possible scenarios for bitcoin’s future movement.
bitcoin price
From today, Bitcoin It is being traded at a price of $26,742, with a trading volume of $11.9 Billion within the last 24-hours.
cryptocurrency A gain of around 1.30% has been observed during this period. In terms of market capitalization, bitcoin retains its top position with a live market cap of $518 billion.
The circulating supply of bitcoin stands at 19,384,918 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.
bitcoin price prediction
on Saturday, Bitcoin It displayed a narrow trading range with an upper limit near the 26,875 level and a lower limit near the 26,675 level.
A closer look at the four-hour time frame shows that bitcoin has already completed the 61.8% Fibonacci retracement level at 26,875.
Recent candlestick closes below this level have raised concerns about continuation of the uptrend.
Therefore, if bitcoin fails to surpass the 26,875 level, there are chances of a further decline towards the next support at 26,500, which is also reinforced by the 50-day exponential moving average.
And on the downside, if bitcoin breaks below the 26,500 level, the next support can be expected around the 26,250 level. Moreover, if this level holds, bitcoin could slide further towards 25,900.
On the other hand, if bitcoin successfully breaks the 26,875 level, it has the potential to target the resistance level of 27,011, followed by a possible break towards 27,200, which could expose bitcoin to around the 28,000 level.
Current technical indicators such as the RSI, MACD, and 50-day exponential moving average all support a buy trend.
Therefore, it is advisable to wait for a breach of the 26,800 level before confirming the upside momentum.
Keeping a close eye on this particular level is recommended to assess the continuation of the trend.
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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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