Bitcoin approaching $27,000 resistance level. What’s next?
The price of Bitcoin has encountered a resistance level at $27,000 and is struggling to break above it. This has resulted in the formation of an inverted hammer candlestick pattern, indicating potential selling pressure. If Bitcoin fails to surpass the $27,000 mark, it could present an opportunity for profitable selling.
In this Bitcoin price prediction, we will analyze the technical outlook of BTC to assess the probability of a sell trade.
Bitcoin Price
The current price of Bitcoin is $26,813, with a trading volume of $15.5 billion in the past 24 hours. Bitcoin has seen a positive growth of nearly 1.50% in this time frame and holds the top position on CoinMarketCap’s ranking, with a live market cap of $520 billion. It has a circulating supply of 19,407,475 BTC coins, out of a maximum supply of 21,000,000 BTC coins.
- Iris Energy, a Bitcoin miner, renews high-performance computing strategy due to increased interest in AI.
- Canadian Bitcoin Conference ends in Toronto.
- Bitcoin faces a crucial moment as it encounters resistance at $26,600.
Bitcoin Price Prediction
Looking at the technical analysis of Bitcoin, it has encountered significant resistance at the $27,000 level. There is a downward trend line on the four-hour chart that originated from the recent peak on May 29 and reconnected with the price action on June 20. Bitcoin failed to break above this trend line and formed an inverted hammer candlestick, suggesting weakening bullish momentum. The presence of consecutive indecisive candles indicates a shift in control from buyers to sellers. The key support level for Bitcoin is around $26,275, and a breakdown below this level could expose it to the next support at $25,590. Further downside movement may lead to the next support level at $24,860. Despite these bearish signals, the relative strength index (RSI) and moving average convergence divergence (MACD) indicators still indicate a buyer’s market sentiment. Additionally, the 50-day exponential moving average provides potential support for around $26,250. Bitcoin’s future price action will depend on whether it breaks out of the trading range between $26,250 and $27,000. A successful break above $27,000 could lead to further resistance levels at $27,600, $28,000, or even $28,450. Therefore, it is crucial to monitor the $27,000 level as it acts as a pivot point for Bitcoin, potentially determining its future price movement.
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