Bitcoin (BTC) hit an intraday low of $25,520.

BTC experienced a decline of over 10.65% in the past seven days.

The crypto market has experienced a massive downtrend due to selling pressure over the past few weeks. Bitcoin (BTC), the world’s largest cryptocurrency, fell below the $26K mark, showing bearish momentum. Following BTC’s fall, the major altcoins are facing a similar downtrend. According to the Onchain data, the recent price slide mostly affected Bitcoin short-term holders. 

On August 23, Bitcoin’s bearish momentum took the price below $26K and hit the day’s low of $25,520. However, BTC has experienced a slight recovery after reaching the day’s low. The trading price surpassed the $26K range again and is trading at $26,043. The entire crypto community is expecting this surge to change BTC’s momentum.

Bitcoin (BTC) Price Analysis -24-Hour Timeframe 

At the time of writing, Bitcoin is trading at $26,043, with an increase of over 0.14% in the last 24 hours. The daily trading volume of BTC also experienced a surge of over 15.82%, according to CoinMarketCap. However, Bitcoin has experienced a decline of over 10.65% in the past seven days.

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

Even though Bitcoin is experiencing a slight recovery, the daily trading price chart shows that BTC is in 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 20.53. Usually, if the RSI reading drops below 30, it indicates that the selling pressure is increasing.

According to the TradingView data, if Bitcoin experiences bullish momentum, it will reach the nearest resistance level of $26,500. If the trend continues, the trading price will break through the $27K mark and even advance to surpass the $28K 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 breach the nearest resistance level soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

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Filed under: Bitcoin - @ August 23, 2023 9:11 am