Bitcoin has reached $25,000 and the bulls are predicting a positive future. Could BTC have already hit its lowest point?
As the price of Bitcoin is currently hovering around the $25,000 level, cryptocurrency enthusiasts and investors are eager to determine whether the market has hit its lowest point or if there will be further price fluctuations.
With the bulls managing to secure the crucial support level, there is optimism among some observers that Bitcoin may have already reached its lowest point.
In this Bitcoin price prediction, we will look into the current state of the Bitcoin market and explore the possibilities for its future trajectory.
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Bitcoin Price
Bitcoin’s current price is $25,806, with a 24-hour trading volume of $11.4 billion. Over this period, Bitcoin has experienced a minor 1% decline.
As the top-ranking cryptocurrency according to CoinMarketCap, Bitcoin has a live market capitalization of $500,641,467,934.
Its circulating supply consists of 19,399,868 BTC coins out of a maximum supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
From a technical perspective, Bitcoin is currently facing a strong resistance around the $26,180 level, while finding support near $25,400.
Over the four-hour timeframe, the $25,400 level plays a critical role as a triple bottom support, helping to maintain stability in Bitcoin’s price.
The market is currently in a consolidation phase, with Bitcoin trading between $26,180 as the upper limit and $25,400 as the lower limit. The next move for Bitcoin will depend on a breakout from this range.
Candlestick patterns within the range indicate indecision among investors, which is reinforced by the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) oscillators hovering around the buying and selling zones.
Furthermore, the 50-day Exponential Moving Average (EMA) acts as resistance around $25,900. Bitcoin’s price is fluctuating above and below this level, suggesting a potential struggle.
Notably, a descending triangle pattern has formed, characterized by lower lows and lower highs, signaling bearish sentiment among investors.
A breach below the $25,400 level could result in increased selling pressure, with potential support levels at $24,950, $24,700, or even $24,400.
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