Bitcoin’s Price Volatility and Bearish Outlook
Bitcoin momentarily dropped below the $26k mark before a panic rally pushed its price back up. But the world’s oldest cryptocurrency is still finding it hard to sustain this level, with signs showing that it may drop down once again. Are the bears taking charge of the narrative, or will the bulls come back to reclaim the token?
Main Breakdowns:
- Bitcoin’s price dropped to $25.8k before a panic rally pushed it back up
- Bitcoin’s market capitalization increased and trading volume rose by 4.04%
- Perma bears are calling for new lows as Bitcoin hits an accumulation range
- Hourly charts show slight bullishness, but long-term analysis is bearish
- Investing in alternative assets, such as Wall Street Memes, might be a better option
Bitcoin Climbs 0.52%
Bitcoin’s price action has been tumultuous in the last 24 hours. Hourly charts show the token dropping by 0.32% to $25.8k before a panic rally pushed it back into action. The BTC price is currently up by 0.52%, where it is struggling to stay above $26k.
At 11:57 pm EST, Bitcoin was valued at $25.9k. There has been a slight increase in its market capitalization, which now stands at $506.09 billion. Also, over the last 24 hours, its trading volume has increased by 4.04% and is now $9.4 billion.
Bitcoin Hits Accumulation Range – Perma Bear Call for New Lows
Mags, one of the verified users on CoinMarketCap, has revealed that those permanently bearish on Bitcoin have started calling for new lows in response to Bitcoin’s current state.
This comes at a time when Bitcoin has hit an accumulation range while showing a slight bullishness in the way it is moving along the price chart.
Bitcoin Price Analysis – Long Term
Bitcoin’s long-term analysis doesn’t have the same bullish picture as its hourly charts. This premier crypto is currently moving below its 50-day moving average and its 20-day MA. This deviation seems to be increasing. A wider separation between the two could mean that Bitcoin will hit even lower lows in the coming days.
The Fibonacci Retracement chart also shows that Bitcoin is currently in the middle of its current resistance and support. A long red in the coming days could push its value below $25,300. A long green, on the other hand, can help it retest its $26,800 resistance and aim for $28,000.
Bitcoin Alternative – Wall Street Memes
Wall Street Memes is a low-cap crypto project and the best alternative to Bitcoin right now. With its array of community-centric attributes, Wall Street Memes is already making rounds as a suitable asset for those looking to make early bird gains.
Inspired by Wall Street Bets, Wall Street Memes aims to turn WSM – its native crypto – into a wealth-generating asset by establishing a community that can come together to mobilize its value to go up on the price chart.
Helping with this endeavor is a slew of finance-related memes that have gotten ample engagement on social media platforms. The Wall Street Memes community is 1 million strong, with over 260,000 followers on X (formerly Twitter).
Wall Street Memes opened its ICO (Initial Coin Offering) in June 2023 and has raised more than $26 million so far. Those looking to make early bird gains can participate in the ICO at a discount price of $0.0337 before it goes live on multiple tier-1 exchanges in the next 23 days.
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.