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- Bitcoin (BTC) reached an intraday low of $25,520.
- BTC has seen a drop of more than 10.65% in the last week.
The cryptocurrency market has undergone a significant downtrend due to selling pressure in recent weeks. Bitcoin (BTC), being the largest cryptocurrency globally, has fallen beneath the $26K threshold, indicating bearish momentum. As BTC declines, major altcoins are experiencing a similar trend. Onchain data suggests that the recent price drop has primarily impacted short-term Bitcoin holders.
On August 23, Bitcoin’s bearish trend drove the price below $26K, hitting a daily low of $25,520. However, following this dip, BTC has seen a modest recovery, with the trading price climbing back above the $26K mark, currently sitting at $26,043. The entire cryptocurrency community hopes this uptick will alter BTC’s momentum.
Bitcoin (BTC) Price Analysis – 24-Hour Timeframe
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As of the time of writing, Bitcoin trades at $26,043, reflecting an increase of over 0.14% in the past 24 hours. According to CoinMarketCap, BTC’s daily trading volume has surged by more than 15.82%. Nonetheless, Bitcoin has still experienced a decline of over 10.65% in the previous week.
Bitcoin (BTC) Trading Price Chart ( Source: TradingView)
Despite Bitcoin showing signs of a slight recovery, the daily trading price chart indicates that BTC remains in a bearish trend, as the current price is below the 50-day exponential moving average (50 EMA). Furthermore, the RSI indicator suggests that BTC is in the oversold territory, with the RSI level at 20.53. Typically, when the RSI value drops below 30, it signifies escalating selling pressure.
Based on TradingView data, if Bitcoin gains bullish momentum, it could reach the nearest resistance level of $26,500. Should this trend persist, the trading price may breach the $27K mark and potentially exceed the $28K mark. Conversely, if BTC is unable to overcome the nearest resistance of $26,500, another decline may commence. Additionally, if bearish momentum continues, the price could fall below the support level of $25,000.
Do you believe BTC will soon break through the nearest resistance level? Share your thoughts with us on Twitter @The_NewsCrypto.
