#Bitcoin prices persist in a downward trend, yet there is a prospect for a price reversal due to potential advancements in the debt ceiling negotiations. The market has observed a pattern of consecutively lower highs and lower lows, signifying an escalation in selling pressure.
Bitcoin's price has encountered a decline after facing resistance at $27,500. It has now fallen below the $26,500 mark, increasing the possibility of further drops towards the support zone around $25,500. BTC initiated another downward movement following its failure to maintain a positive stance above the $26,850 support level.
#bitcoin experienced a bearish push, breaching the crucial support zone at $26,550. Additionally, it even dropped below the $26,000 level, reaching a low point around $25,871. At present, the price is undergoing a period of consolidation as it strives to recuperate from its previous losses. Bitcoin is trading below both the $26,800 level and the 100-hourly Simple Moving Average. Moreover, on the hourly chart of the BTC/USD pair, a significant bearish trend line is taking shape, indicating resistance near $26,850.
The immediate upside resistance is observed around the $26,400 level. However, the primary resistance is currently identified near the $26,550 mark, coinciding with the trend line. This level is in close proximity to the 50% Fibonacci retracement level, calculated from the recent decline between the swing high of $27,495 and the low point of $25,872. If the price manages to close above the $26,550 resistance zone, it could potentially rally towards the next resistance at $27,200. Subsequently, the key resistance level lies at $27,500, breaching which could stimulate bullish momentum towards the $28,000 resistance. Further upward movements may drive the price towards the $28,500 level.
If #BTC fails to break through the resistance at $26,550, it may experience a downward trend. The first level of support on the downside is located at around $25,850. The next significant support zone is at $25,500, and if this level is breached, it could lead to a further decline towards the $25,200 support level. In the event of additional losses, Bitcoin's price could potentially drop to the $24,000 level in the near future
Based on Price Analysis, the market capitalization of BTC stands at $508,350,247,771. The 24-hour trading volume of the coin is approximately $16,293,147,105.
KEY LEVELS :
RESISTANCE LEVEL : $26,550-$27,000
SUPPORT LEVEL : $25,800-$25,300
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
