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Bitcoin Steady Above $26,000; Quick Outlook

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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 August 23, 2023 | 2 min
Updated on Sep 03, 2023
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  • Bitcoin’s current price dynamics are characterized by consolidation below the critical $26,500 level, with a prevailing bearish trend raising concerns of potential further decline towards the $25,000 threshold.
  • After rebounding from the pivotal support at $24,800, Bitcoin has reclaimed ground above resistance levels at $25,000 and $25,500.
  • The cryptocurrency has successfully breached the 23.6% Fibonacci retracement level, stemming from the decline between the $29,180 high and the $24,800 low.

Maintaining its stance above the $26,000 mark, Bitcoin presents a steady front in the ever-evolving landscape of cryptocurrency. In this concise overview, we delve into the current status of Bitcoin, highlighting key trends and factors that contribute to its resilient position.

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

Bitcoin Price Prediction: Technical Outlook

Presently, the live price of Bitcoin stands at $26,058.14, accompanied by a 24-hour trading volume totaling $15,810,032,151. Over the past day, Bitcoin has experienced a slight decline of 0.11%. Holding the top position on CoinMarketCap, its current ranking is #1, and its active market capitalization is valued at $507,234,071,870 USD. The circulating supply encompasses 19,465,475 BTC coins, while the maximum supply is set at 21,000,000 BTC coins.

 

Bitcoin’s current pricing situation is characterized by a period of consolidation, maintaining its position below the crucial $26,500 threshold. The existing trend reveals bearish signals, which have instigated concerns about the potential for further descent, with a possibility of reaching the $25,000 level. Following a recovery from the pivotal support zone at $24,800, Bitcoin has managed to recapture ground above the resistance levels at $25,000 and $25,500.

 

Of significance, the cryptocurrency has accomplished an upward climb above the 23.6% Fibonacci retracement level, derived from the downward trajectory spanning between the $29,180 peak and the $24,800 low. Nevertheless, this ascent is marked by challenges, particularly evident around the $26,600 threshold. Notably, the price remains positioned beneath both the $26,500 mark and the 100-hourly Simple Moving Average.

 

Additionally, an observable short-term bullish trend line is shaping up, indicating a support zone in proximity to the $26,050 level on the hourly chart of the BTC/USD pair. A continuation of this support could pave the way for a prospective recovery endeavor. Immediate resistance is foreseen around the $26,400 level, followed by a more robust obstacle at $26,500, which coincides with the 100-hourly Simple Moving Average. A decisive breach beyond this moving average could potentially trigger a recovery phase, with a target set at the $27,000 resistance point.

 

Moving forward, the 50% Fibonacci retracement level, calculated based on the descent from the $29,180 peak to the $24,800 low, emerges as a notable resistance factor at approximately $27,000. A successful overcoming of the $27,000 resistance could propel the price toward the significant resistance zone positioned at $27,500. Subsequent positive advances could generate momentum for a substantial surge, potentially aiming for the $28,150 level.

 

However, in the event that Bitcoin encounters resistance at the $26,500 mark and struggles to surpass it, the likelihood of continued downward movement persists. Immediate support resides around the $26,000 vicinity, closely aligned with the trend line. Subsequently, a more substantial support level materializes near $25,600. Should the $25,600 threshold be breached, the potential for a bearish phase emerges, potentially pushing the price further into negative territory. In such an occurrence, the price may experience a further decline toward the $25,000 mark.

 

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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