Bitcoin Trading Volume Surges
With renewed enthusiasm in the crypto landscape, the trading volume of Bitcoin has surpassed $13 billion. The current live price of Bitcoin is $26,575, showing a slight decline of less than 0.50% in the last 24 hours. CoinMarketCap reports that Bitcoin maintains its position as the top-ranked cryptocurrency, with a market capitalization of $518 billion. As the circulating supply of Bitcoin nears 19.5 million out of a maximum supply of 21 million, investors are questioning whether it’s the right time to buy.
Bitcoin Price Prediction
After facing resistance at the $27,500 mark, Bitcoin’s price has declined. It failed to breach the $27,500 resistance level and is now trading below both the $27,000 and $26,800 benchmarks, indicating a bearish shift. The BTC/USD pair broke its bullish trend and fell below its supportive trend line near $26,800 on an hourly chart. Currently, Bitcoin is consolidating losses below the $27,000 threshold and the 100-hourly Simple Moving Average.
The cryptocurrency faces immediate resistance around $26,800 and a significant resistance near $27,000 marked by a bearish trend line. If Bitcoin can surpass the $27,050 level, it may experience a bullish surge towards the $27,500 resistance. Further gains could lead to a target of $28,800. However, if it fails to rally beyond the $27,000 resistance, its descent may continue.
The immediate support for Bitcoin is around the $26,350 range with major support at $26,200. Breaching and settling below $26,200 could trigger a significant bearish wave with a potential price drop to the $25,400 support level.
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