Cryptocurrency has been the center of attention lately as Bitcoin, the leading digital currency, has seen a significant price drop. At the time of writing, Bitcoin is trading at $25,882, with a trading volume of $20 billion and a live market cap of $503 billion. The question on everyone’s mind is: will BTC’s price continue its descent?
To answer this question, we must analyze Bitcoin’s technical landscape. After the price of BTC fell below the $29,000 mark on August 6th, it has experienced a substantial decline, trading around the $25,800 range. According to the four-hourly timeframe, ‘Three Black Crows’ candlestick patterns have appeared, signaling strong bearish sentiment. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) oscillators have both entered the oversold territory, further confirming the bearish dominance. The 50-day Exponential Moving Average (EMA) is positioned around the $27,300 mark, with recent candle closings indicating sustained bearish momentum.
If the current trajectory persists, Bitcoin could fall to $25,600 and even $25,200. Conversely, if Bitcoin surpasses the $26,200 level, it might target the next resistance at $26,800. A sustained upward move could even push BTC’s price toward $27,300 and eventually to $27,600. A decline below the $25,200 mark could open the door for further losses, potentially reaching as low as $24,800.
Regardless of the direction BTC’s price takes, investors should keep a close eye on the $26,200 benchmark, as moves below this level could signify further declines.
In addition to following the price of Bitcoin, investors should also explore the potential of alternative cryptocurrencies. To that end, we have compiled a list of the top 15 digital assets to watch in 2023. This collection, which has been put together by industry experts, can help you stay ahead of the game and keep up with the rapidly evolving world of digital assets.
Finally, it’s important to note that cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, so always do your own research.
