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Bitcoin’s Tight Span: $25,400 to $26,800

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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 28, 2023 | 2 min
Updated on Sep 03, 2023
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  • Bitcoin hovers above the pivotal $25,900 support, eyeing the $26,200 and $26,500 resistance zones amidst restrained fluctuations.
  • A discernible bearish trend is evident, with BTC trading below the $26,200 mark and the 100-hour SMA, further characterized by a resistance near $26,070.
  • Key thresholds to monitor include the immediate $26,100 resistance and the crucial supports at $25,900 and $25,400.

In recent sessions, Bitcoin has showcased relatively subdued volatility, with its price movement confined within a narrow bandwidth. Specifically, the premier cryptocurrency has been oscillating between the $25,400 and $26,800 thresholds. This limited range indicates a period of consolidation, as investors and traders appear to be weighing the next potential directional shift amidst prevailing market dynamics and global economic indicators.

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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 $25,942.44, accompanied by a trading volume of $7,905,356,142 over the past 24 hours. Bitcoin has witnessed a 0.35% dip during this period. According to CoinMarketCap, Bitcoin presently ranks first with a market valuation of $505,088,707,415 USD. There are currently 19,469,593 BTC coins in circulation, with an eventual cap set at 21,000,000 BTC coins.

 

The current Bitcoin price trajectory showcases a restrained fluctuation, predominantly hovering above the critical $25,900 support mark. A potential uptrend might be on the horizon should Bitcoin achieve a steady position above the $26,200 threshold, subsequently targeting the $26,500 resistance. Earlier attempts to consolidate above $26,500 met resistance, pushing Bitcoin into a slight downtrend.

 

Notably, the decline surpassed the pivotal $26,250 point and even breached the 50% Fibonacci retracement of its earlier ascent from $25,360 to $26,780. This confines the digital currency to a limited spectrum, with a solid foundation established at the $25,900 support bracket. Currently, Bitcoin operates below the $26,200 landmark and the 100-hour Simple Moving Average (SMA). Furthermore, a discernible bearish trend line with a resistance approximately at $26,070 characterizes the hourly chart for the BTC/USD pair.

 

From an upside perspective, an immediate resistance hurdle presents itself near the $26,100 mark, intertwined with the aforementioned trend line and the 100-hour SMA. Breaking past this will bring the $26,500 resistance into focus. A decisive surge necessitates a firm stance above this resistance, potentially propelling Bitcoin to test the $27,000 mark, and potentially further towards $27,800.

 

Conversely, failure to eclipse the $26,200 resistance may drive a downturn. Immediate lower support is situated around $25,900, aligned with the 61.8% Fibonacci retracement of its recent surge. Should this support falter, the subsequent robust support lies at $25,400. Breaching this could potentially trigger a more pronounced decline, potentially targeting the $24,800 region.

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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