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Bitcoin Steady Near 25,500; Good Time to Buy?

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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 06, 2023 | 2 min
Updated on Sep 07, 2023
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  • Bitcoin demonstrates stability within the $25,650 to $25,500 range, with a breakthrough of the $26,200 resistance crucial for positive momentum.
  • BTC currently lingers below the key $26,000 mark and the 100-hourly Simple Moving Average, with an emerging bearish trend line signaling resistance near $25,800.
  • On the upside, a decisive breach past $27,000 could usher in a robust bullish phase, targeting the $28,000 mark.

Amidst the volatile landscape of the cryptocurrency market, Bitcoin has showcased relative stability, hovering close to the $25,500 mark. This newfound steadiness prompts an age-old investor query: Is now an opportune moment to acquire more of this digital currency? As seasoned market watchers dissect trends and indicators, both new and seasoned investors must scrutinize the current dynamics and future predictions before making a decision.

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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 $25,721, having experienced a trading volume of $10,768,140,884 over the past 24 hours. In the same duration, Bitcoin has seen a marginal decline of 0.02%. On CoinMarketCap’s rankings, Bitcoin maintains its top position with a current market valuation of approximately $500.99 billion USD. Presently, there are 19,477,731 BTC in circulation, with a maximum limit set at 21,000,000 BTC.

 

Bitcoin’s valuation currently exhibits stabilization between the $25,650 and $25,500 marks. For a significant upward trajectory to initiate, a breach above the $26,200 resistance is imperative. Despite being ensconced below the pivotal $26,200 resistance, it’s evident that Bitcoin’s momentum is being bolstered at the $25,650 and $25,500 support tiers.

 

The cryptocurrency is distinctly anchored above $25,650, yet remains subdued beneath both the $26,000 mark and the 100-hourly Simple Moving Average. Furthermore, an emergent bearish trend line with resistance approaching $25,800 can be discerned on BTC/USD’s hourly chart.

 

The immediate challenge for Bitcoin lies at the $25,800 resistance, congruent with the aforementioned trend line. Subsequent to that, a formidable resistance looms at $26,000, aligning with the 23.6% Fibonacci retracement of the recent dip from $28,150 peak to $25,330 nadir.

 

Further up, the $26,200 resistance remains pivotal. Overcoming this level with a conclusive stance might catalyze a notable rally towards $26,750 – proximate to the 50% Fibonacci retracement of the same aforementioned decline.

 

Should the currency ascend past $27,000, it could signal a bolstered bullish momentum, potentially elevating the price towards the $28,000 threshold. However, should Bitcoin grapple with the $26,200 resistance, a downward inclination may persist, with immediate supports situated at $25,650.

A more pronounced support lies at $25,350. Any breach below this level might precipitate a sharper decline, possibly to $24,800 or even 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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