BTC Price Plummets 6%, Is Further Loss Inevitable?


In the ever-changing landscape of the cryptocurrency market, Bitcoin holds its own as the industry leader despite suffering a large dip recently. As of today, Bitcoin’s live price is around $25,772, representing a minor increase of 0.25% in the last 24 hours. Despite this slight uptick, the currency has experienced a 6% drop in the last week.

With an impressive 24-hour trading volume of $12.3 billion, Bitcoin remains the #1 ranked cryptocurrency on CoinMarketCap. Its market capitalization stands at $502 million, and its circulating supply is close to 19,478,418 BTC, edging closer to its total supply cap of 21,000,000 BTC coins.

This brings us to the question: is the worst yet to come for Bitcoin?

Bitcoin Price Prediction

At the moment, Bitcoin is in a consolidation phase, staying just above the $25,500 mark. While there is potential for a corrective surge, any major upward movement could face resistance around the $26,200 level. Previous attempts to break out of the $26,000 to $26,200 range have been unsuccessful. As a result, the cryptocurrency has pulled back, falling below the $25,650 mark.

On the hourly chart of BTC/USD, the immediate resistance is near the $26,000 area, alongside a notable bearish trend line and the 23.6% Fibonacci retracement level of the large plunge from the $28,150 peak to the $25,333 low. To move forward, Bitcoin must break through the $26,200 resistance. If successful, this could lead to a possible rally towards $26,750, near the 50% Fibonacci retracement level of the main descent. Further resistance lies at $27,000.

On the other hand, if Bitcoin fails to breach the $26,000 resistance, a downward trajectory is likely. In this case, immediate supports can be found at $25,500 and $25,350. A decisive drop below the latter would likely heighten selling pressure, potentially driving the price towards the vicinity of $24,500 or even as low as $24,000.

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Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with significant risk, always do your own research.

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