Bitcoin (BTC) Struggles to Maintain its Price Above $26K Mark

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Bitcoin (BTC) Struggles to Maintain its Price Above $26K Mark

  • Bitcoin experienced a slight recovery of 0.21% in the last 24 hours.
  • If BTC fails to break the nearest resistance of $26,300 it will drop below $25K.

Bitcoin (BTC), the world’s largest cryptocurrency, has shown strong bearish momentum over the past few weeks. Moreover, BTC is struggling to maintain its position around the $26,000 mark. While investors are expecting BTC to surge, it dropped below $26K. On the other hand, Bitcoin has experienced the highest address activity in the past 30 days.

The crypto market analyzer Santiment reported the top ten assets by highest address activity recently. According to the report, BTC has the highest number of active wallet activity, with 963.64K active wallets. However, Bitcoin’s recent price performance has sent shockwaves throughout the crypto market.

Bitcoin (BTC) Price Continues the Bearish Momentum

Bitcoin’s trading price has surpassed $26K again, with a slight recovery in the last 24 hours. At the time of writing, BTC is trading at $26,063, with a surge of over 0.21% in the last 24 hours. However, the daily trading volume of BTC has experienced a decline of 7.04%, according to CoinMarketCap.

Bitcoin (BTC) Struggles to Maintain its Price Above $26K Mark

Bitcoin (BTC) Trading Price Chart (Source: TradingView)

The daily price chart shows that BTC is in a bearish momentum as the current price is below the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, BTC is in the oversold zone as the RSI level stays at 25.55. Even after Bitcoin showed a slight recovery, bears reined in and pulled the price down.

Bitcoin trading price has been oscillating between $25K and $26K and is struggling to break this momentum. According to the TradingView data, if Bitcoin experiences bullish momentum, it will reach the nearest resistance level of $26,300. If the trend continues, the trading price will break through the $26,500K mark and even advance to surpass the $27K mark.

On the other hand, another drop may begin if BTC fails to break the nearest resistance of $26,500. Moreover, if the bearish momentum continues, it will drop below the support level of $25,000.

Do you think BTC will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.


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