Bitcoins Bearish Trend Approaches $26,800 Support Level

Bitcoins Bearish Trend Approaches $26,800 Support Level


Bitcoin’s price faces a critical support level at $26,800, with concerns of a bearish momentum as investors monitor potential signals of a trend reversal; Cathie Wood’s remarks positively impacted Bitcoin prices, while hodling surges and Bitcoin ordinals gain traction, and the cryptocurrency market gains momentum as Hong Kong allows retail trading.

Bitcoin’s price is as of now facing a whole lot of challenge as its downtrend threatens to breach the key level of support at $26,800, with a potential target of $26,000. 

The past few price action suggests a bearish momentum in the market, raising concerns between investors and traders.

The critical level of support at $26,800 holds the key to Bitcoin’s short-term direction, and a decisive breakout below this level could pave the way for further downward pressure towards the $26,000 level.

As Bitcoin (BTC) navigates this critical juncture, market participants are closely monitoring the price movements and indicators for potential indicates of a tendency reversal or continuation.

United States Is ‘Losing’ the Bitcoin (BTC) Movement Cathie Wood

Cathie Wood, the founder of ARK Investment, recently expressed her concerns that the  United States is losing its grip on the Bitcoin (BTC) movement owing to its regulatory system. 

She noted that the Securities and Exchange Commission (SEC) plays a whole lot of role in shaping the regulatory landscape for digital currencies in the country.

Wood criticized the SEC’s approach of treating digital assets as securities, arguing that it is not suitable for checking the  capacity of these assets. 

As evidence, she cited the ongoing disputes involving Ripple and Coinbase.

Wood likewise attributed the past few collapses of Signature, Silicon Valley Bank, Silvergate, and the FTX Trading Ltd cryptocurrency exchange a year ago to their centralized nature. 

She emphasized that the decentralized concept of Bitcoin, which resurfaced after the 2008 financial crisis, addresses the lack of transparency, audibility, and decentralization in traditional financial services, a critical factor in its popularity.

Cathie Wood’s remarks positively impacted Bitcoin (BTC) prices on Wednesday, contributing to its upward movement.

Bitcoin (BTC) Hodling Surges: Long-Term Investors Opt for Stability and Growth

Statistics from Glassnode indicate a growing tendency between Bitcoin (BTC) owners to hold onto their coins for the longstanding instead of selling them for quick profits. 

This behavior, commonly known as “hodling,” reflects a maturing and stable perception of Bitcoin (BTC) as an investment class, attracting investors with a positive outlook on its future prospects.

The data outlines that the proportion of Bitcoin (BTC) supply that has remained unchanged for at least a year has reached a record high of 68%. 

This implies that most Bitcoin (BTC) users are longstanding investors who are not swayed by short-term price fluctuations. 

Furthermore, on-chain data signifies that 40 percent of Bitcoin (BTC) owners have held their coins for at least 3 years.

This tendency of increased hodling and reduced selling pressure on Bitcoin (BTC) encourages its growth and acceptance. It likewise signifies that owners maintain optimism in Bitcoin’s longstanding value appreciation, regardless of potential challenges or uncertainties that may arise.

Bitcoin (BTC) Ordinals Gain Traction as Ethereum (ETH) Dominates Non-Fungible Token (NFT) Market

Following Ethereum’s impressive $393 Million Non-Fungible Token (NFT) volume in the 30 days starting from April 23, surpassing Bitcoin’s volume of trading, Bitcoin (BTC) ordinals have now taken the Second spot. 

Reports by a Dune dashboard created by Domo, the bulk of ordinals activity on Bitcoin (BTC) is attributed to BRC-20 crypto token transactions. 

Domo is the founder of the BRC-20 crypto token standard. The surge in BRC-20 volumes can be primarily attributed to traders seeking to capitalize on the past few excitement. 

Nonetheless, if the profits start to slow down, it is likely that trading activity for BRC-20 crypto tokens will likewise decrease. 

Although while the Non-Fungible Token (NFT) market for Bitcoin (BTC) is expanding, there has likewise been a renewed focus on trading meme cryptocurrencies on the blockchain.

Cryptocurrency Market Profits Momentum as Hong Kong Allows Retail Trading

Tuesday saw a boost in digital currency values following the announcement by Hong Kong’s securities regulating authority that some cryptocurrency assets would be available for retail trade beginning on June 1.

Reports by Hong Kong’s Securities and Futures Commission, retail investors can now start trading certain digital assets from next month. 

It would be allowed only on registered trading platforms. 

The  capacity boost in the volume of retail investors from June 1, sparked optimism in the market and caped bitcoin’s losses on Wednesday.

Bitcoin (BTC) Price Prediction

Bitcoin (BTC) is currently worth 26,800, decreasing by 2.21 % on Wednesday. Regardless of having supported fundamentals, Bitcoin (BTC) lost all of its previous daily profits today.

Bitcoin (BTC) is as of now bearish, with engulfing candles and a potential reversal signal. Support is holding at $26,600, backed by a trendline.

 A close over $26,600 may trigger a positive  tendency move, but caution and confirmation through numerous candle closes are advised to avoid a sharp sell-off towards $26,500 and further downside to $26,200.
 

Bitcoins Bearish Trend Approaches $26,800 Support Level
Bitcoin (BTC) Price Chart – Source: Tradingview
Bitcoins Bearish Trend Approaches $26,800 Support Level

The 50-day exponential moving average reinforces the bearish bias, especially if Bitcoin (BTC) falls below the $27,000 resistance level. 

Monitoring the $26,600 level is critical, as a close below it  can potentially lead to more downside.

 Conversely, a close over $26,600 opens opportunities for long positions, targeting $27,000 or higher at $27,400.

Keep an eye on the $27,200 level, as breaking over it may encounter resistance at $27,800.

Top 15 Digital currencies to Watch in 2023

Cryptonews Industry Talk presents an exciting lineup of digital currencies that are poised for a bright future in 2023. 

These digital assets have been carefully selected for their promising outlooks, indicating substantial potential for growth both in the short and long term. 

With their unique features and innovative technologies, these digital currencies are positioned to thrive and make whole lot of advancements in the years to come. 

Get ready to explore the exciting possibilities that lie ahead for these digital currencies.

Disclosure: The Industry Talk section features insights by cryptocurrency industry players and is not a part of the editorial content of Cryptonews.com.

Find The Best Price to Buy/Sell Cryptocurrency

Bitcoins Bearish Trend Approaches $26,800 Support Level
Digital currency Price Tracker – Source: Cryptonews



Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.
READ NOW
CMC Markets Goes High-Tech with StrikeX Investment




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend