Bitcoin Crashes upto $25,800: What Investors Need to Know
The unstable world of cryptocurrency has re-captured worldwide interest, with values plummeting sharply. As the dominant digital currency, Bitcoin, experiences a dramatic price decline, people are forced to speculate on its future trajectory.
The current Bitcoin price is $25,882, a decline of approximately 2.5% in the last 24 hours. Bitcoin maintains its top position on CoinMarketCap, with a current market worth of $503 billion and a tremendous trade volume of $20 billion.
In light of these numbers, the looming issue remains: will the price of Bitcoin continue to fall?
Bitcoin Price Prediction
After falling below the $29,000 barrier on August 6th, Bitcoin’s technical landscape became quite active.
Its value has currently dropped significantly, trading in the $25,800 level.
The leading cryptocurrency, Bitcoin, has displayed “Three Black Crows” candlestick patterns on the four-hourly timescale, indicating a strong pessimistic mood in the market.
Concurrently, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) oscillators have entered oversold territory, emphasising the bearish dominance.
The 50-day Exponential Moving Average (EMA) is located near $27,300, with recent candle closings showing continued bearish trend.
The immediate resistance is currently located around $26,200. The formation of a bearish engulfing candlestick below this level, as well as the conclusion of a two-day candle pattern, shows that bearish pressures remain below the $26,200 level.
If this trend continues, Bitcoin might fall to $25,600, with a further dip to the $25,200 level.
If Bitcoin overcomes the $26,200 level, it may aim for the next resistance level at $26,800.
A sustained upward trend might drive BTC’s price above $27,300, and then to $27,600.
A drop below $25,200 might lead to more losses, potentially reaching as low as $24,800.
Technical indicators such as the 50-day EMA, RSI, and MACD, together with the ‘Three Black Crows’ and bearish engulfing candle patterns on the four-hourly chart, regularly indicate bearish dominance.
Investors must keep a tight eye on the $26,200 level, as falls below this level could signal additional drops.