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Bitcoin Consolidates Around 25,500; Quick Update

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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 11, 2023 | 2 min
Updated on Sep 11, 2023
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  • Bitcoin currently hovers between the $25,500 and $26,000 range, with pivotal resistance at $26,200 and strong support at the $25,650 and $25,500 marks.
  • A noticeable bearish trend line presents resistance near $25,800 on the BTC/USD hourly chart, while a breach of the $26,200 could lead to a surge towards $26,750.
  • Failing to overcome the $26,200 resistance might signal a bearish trend, with potential drops to critical support levels of $25,350 and possibly as low as $24,500.

Bitcoin’s market dynamics exhibit a period of consolidation, with its price hovering in the vicinity of the $25,500 mark. While crypto enthusiasts and traders keep a vigilant eye on potential shifts, the world’s premier digital currency presents a mix of bullish support and bearish resistances. In this quick update, we delve into the latest patterns and influences driving Bitcoin’s current trajectory

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

Bitcoin Price Prediction: Technical Outlook

Today’s real-time Bitcoin price stands at $25,851, having witnessed a trading volume of $8,352,305,034 in the past 24 hours. The cryptocurrency has experienced a negligible decline of 0.01% over the same period. As per CoinMarketCap’s records, Bitcoin holds the top position, boasting a market capitalization of $503,643,874,747 USD. Presently, there are 19,482,093 BTC coins in circulation, out of a maximum possible supply of 21,000,000 BTC coins.

 

Currently, Bitcoin’s value demonstrates a steady equilibrium, oscillating between the $25,500 and $26,000 thresholds. For a pronounced bullish upswing to commence, it’s essential for the digital asset to surpass the critical $26,200 resistance. While Bitcoin currently languishes beneath this key resistance, it garners substantial support at the $25,650 and $25,500 levels.

 

Bitcoin distinctly holds its position above the $25,650 mark. However, it remains restrained below both the notable $26,000 level and the 100-hourly Simple Moving Average. Additionally, a nascent bearish trend line, displaying resistance near $25,800, is observable on the BTC/USD hourly graph.

Bitcoin’s immediate obstacle resides at the $25,800 resistance, corresponding with this trend line. Beyond this, a significant barrier awaits at $26,000, aligning with the 23.6% Fibonacci retracement from the recent $28,150 zenith to the $25,330 low.

 

On a higher plane, the $26,200 resistance is of paramount importance. A definitive breach of this mark could act as a precursor for a robust surge towards $26,750, situated near the 50% Fibonacci retracement of the prior mentioned fluctuation.

 

If Bitcoin ascends beyond the $27,000 mark, this could be indicative of a reinforced bullish stance, potentially navigating the currency towards the coveted $28,000 level. Conversely, if Bitcoin confronts challenges at the $26,200 barrier, a bearish trend might dominate, with immediate backstops at $25,650.

Further support can be identified at $25,350. Any descent below this juncture could exacerbate the downward momentum, potentially driving values to as low as $24,500.

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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