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Bitcoin Bounces-off Over $26,000: Buy Now?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on September 28, 2023 | 2 min
Updated on Oct 01, 2023
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  • Bitcoin experienced a resurgence, priced at $26,376.73 USD as of September 28. It boasts a 24-hour trading volume of roughly $12.43 billion.
  • Bitcoin’s 4-hour chart showcases a pivot point at $26,646, with immediate resistance and support levels at $27,100 and $25,772, respectively.
  • A supporting upward trendline at $26,000 reiterates Bitcoin’s strong bullish momentum.

In recent times, the cryptocurrency market has proven itself to be a roller coaster of unpredictability. Amidst this backdrop, Bitcoin, the pioneering and most valued cryptocurrency, has rebounded notably, crossing the significant $26,000 threshold. As investors and market analysts grapple with interpreting this resurgence, a looming question surfaces: Given the current dynamics, is now the opportune moment to invest in Bitcoin? This article delves into the multifaceted aspects of Bitcoin’s present stance and provides insights to inform your investment decisions.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

As of September 28, Bitcoin (BTC/USD) has seen a notable resurgence, with its price currently stationed at $26,376.73 USD. Over the past 24 hours, it has experienced a modest 0.52% increase in value, correlating with a substantial 24-hour trading volume of approximately $12.43 billion USD. Not only does Bitcoin dominate its peers in terms of price but also in market stature, holding the top rank on CoinMarketCap. Its valuation is underscored by a remarkable market capitalization of $514.29 billion USD. With regard to supply data, about 19.5 million BTC coins are in active circulation, approaching the total cap set at 21 million.

 

From a technical standpoint, based on a 4-hour chart timeframe, the pivot point for Bitcoin’s price action is identified at $26,646. The immediate resistance to this bullish trajectory is marked at $27,100, followed by subsequent resistance levels at $27,958 and $28,438. Conversely, if a downturn were to occur, Bitcoin would first find support at $25,772, with additional cushions at $25,283 and $24,426.

 

Diving deeper into the technical indicators, the Relative Strength Index (RSI) stands at 51.38. This suggests a moderately bullish sentiment as the RSI value is slightly above the 50 mark. The Moving Average Convergence Divergence (MACD) indicates that Bitcoin is likely witnessing an upward momentum swing. Moreover, with the price currently above the 50-Day Exponential Moving Average (50 EMA) of $26,448, the short-term trend for Bitcoin is predominantly bullish.

 

The observed chart pattern solidifies this analysis, as an upward trendline has formed, finding support precisely at the $26,000 level. Such a trendline indicates that Bitcoin has strong momentum in its favour. In light of recent fundamental news and developments, it’s vital for potential investors to keep abreast of global economic scenarios and regulatory stances that could influence the cryptocurrency market.

 

To conclude, Bitcoin presents a bullish outlook as long as it remains above the $26,000 mark. Should it plunge below this level, a bearish trend might ensue. In the near future, it appears Bitcoin is geared up to challenge the $27,100 resistance level. As always, it is imperative for investors to exercise caution, conduct diligent research, and possibly consult with financial professionals before making any investment decisions.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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