Bitcoin’s price has experienced a positive trend trend recently, surpassing the $25,357 level of support and breaking through the downtrend line at $26,640. Nonetheless, there is still resistance from the 200- and 50-day EMAs at $26,987 and $27,401 respectively, as well as the 100-day EMA at $27,499. Analysts predict that Bitcoin’s price may fall below $25,000 in the near future.
The market sentiment for Bitcoin (BTC) remains primarily bearish, with indicators such as the RSI and Awesome Oscillator pointing towards a downward movement. In addition, 60.34% of Bitcoin addresses are as of now sitting on unrealized profit, which could potentially lead to selling pressure and a price slump.
On the other hand, increased buying pressure might propel Bitcoin’s price higher and break through the resistance levels mentioned earlier. A decisive close over the order block’s mean threshold at $29,367 would confirm an uptrend and open up possibilities for further gains.
Although while Bitcoin’s price remains uncertain, there is an alternative token was known BTCBSC ( Bitcoin (BTC) on Binance Smart Chain) that is as of now in its early offering stage. The token has a staking function that allows community members to earn passive income with high APYs. There is likewise a referral program available for additional income opportunities.
In summary, Bitcoin’s price may face downward pressure in the near future but could likewise see an upward movement if buying pressure increases. Meanwhile, BTCBSC offers an alternative investment opportunity with its staking function and referral program.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.