Bitcoin Price Prediction
If you’ve been following Bitcoin’s valuation, you may have noticed that it is currently on a downward trajectory. It has recently dropped below the key support level of $26,500, and there is a risk of it falling even further below the important $26,000 mark in the near future.
Despite multiple attempts, Bitcoin has been unable to surpass the resistance at $27,500 and has experienced a significant pullback. As a result, it has fallen below critical support levels of $27,000 and $26,500, entering a bearish territory. It briefly approached the $26,000 level before finding support around $26,026.
Currently, Bitcoin is consolidating its losses and is slightly above the 23.6% Fibonacci retracement level. However, it faces resistance near $26,350 and $26,500. If it can break through the upcoming resistance at $26,700, there is potential for a bullish resurgence towards $27,000 and possibly even $27,500.
On the other hand, if Bitcoin fails to rebound above $26,500, further decline is likely. Immediate support can be found around $26,050 with a stronger support level near $26,000. A drop below this level could lead to a decline towards $25,400 and possibly even $25,000.
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