Bitcoin Gearing Up for an Upward Rally
Bitcoin’s trajectory to the $27,000 mark is becoming more apparent as recent shifts in its order book show a stronger demand. Bids or buy orders are outpacing the sell orders, indicating a market gearing up for an upward rally.
Intra-Day Struggles and Crucial Resistance Points
Bitcoin faced bearish momentum in the last 24 hours and failed to breach the intra-day high of $26,699.72. As a result, the price dropped to $26,240.70, which acts as a support level against further negative sentiment. If this support level is not upheld, the next support rests at the $26,000 zone, with a breach potentially leading to $25,800. On the other hand, a bullish flip above the resistance level of $26,699.72 could push BTC towards $27,000.
In addition to price action, Bitcoin’s market cap has dipped by 1.1% to $514.28 billion and its 24-hour trading volume has decreased by 23.45% to $10.42 billion.
BTC Technical Analysis
The Chaikin Money Flow (CMF) on the BTC/USD price chart currently has a rating of 0.03 and is on an uptrend, indicating buying pressure. If the CMF surpasses 0.05, it would further strengthen the bullish stance.
The stochastic RSI rating is at 14.30 and climbing, suggesting that BTC may be oversold and due for a potential price correction that could attract more investors. A shift above 20 in this indicator would signify growing buying enthusiasm and support Bitcoin’s rise.
Hot Take: Bitcoin’s Path to $27,000 Remains Promising
Despite short-term bearish pressures, Bitcoin remains a strong contender to reach the $27,000 mark. With substantial support levels and favorable indicators, the cryptocurrency’s path seems promising.
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