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As of today, Bitcoin is priced at $26,600, witnessing a subtle rise of nearly 0.10% over the past 24 hours and commanding a trading volume of $6.4 billion.
Despite its position as the premier cryptocurrency, ranked #1 on CoinMarketCap, and a staggering market capitalization of $518 billion, Bitcoin appears tethered, unable to breach the pivotal $27,000 threshold.
The currency’s circulating supply stands at 19,494,637 BTC, with an eventual cap set at 21,000,000 BTC.
Bitcoin Price Prediction
Having faced a barrier at the $27,500 level, Bitcoin‘s price has started its downward trajectory. The digital asset struggled recently, unable to surpass the $27,500 resistance, which subsequently saw it dip below the $27,000 and $26,800 levels, signalling a bearish inclination.
Furthermore, the BTC/USD pair witnessed a disturbance in its upward momentum, slipping beneath its trend line support around the $26,800 point on an hourly chart.
The duo then touched down to the $26,350 level and is currently navigating through a period of consolidating its losses.
At the moment, Bitcoin lingers under the $27,000 level and is below the 100-hourly Simple Moving Average.
An immediate hurdle awaits at the $26,800 vicinity, with a more prominent barrier nearing the $27,000 mark, underscored by a dominant bearish trajectory.
If Bitcoin manages to break past the $27,050 benchmark, it might embark on an upward stride, aiming for the $27,500 resistance.
Noteworthy advancements beyond this might position it for a push to the $28,800 level in the upcoming days. Yet, if Bitcoin remains subdued beneath the $27,000 resistance, its downward trend might continue.
Support for the cryptocurrency is presently anchored around the $26,350 level, followed by a critical support zone at roughly $26,200.
A decisive move and close below the $26,200 point could instigate a more pronounced bearish momentum, potentially pushing Bitcoin towards the next support stationed at $25,400.
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This article first appeared at Cryptonews
