Bitcoin set a new record
According to Iran Economist, citing Crypto, the price of Bitcoin fell by 77% from the highest historical level of 68,789 dollars and reached the last swing of 15,600 dollars. However, 2023 brought new growth in the crypto market, pushing the price of Bitcoin to $28,300.
Considering the overall downtrend, the recent bullish rally has managed to recover 23.6% of the total loss, but the $28,300 level creates a strong resistance in line with the 0.236 Fibonacci level, which can resume the previous fall.
In technical analysis, a return to the 0.236 Fibonacci retracement level is not enough to consider a trend reversal, and instead, it is a recognized resistance that can help sellers recover the downward momentum.
Bitcoin weekly chart
Currently, the weekly chart shows the Doji candle at the level of $28,300, which is a sign of market uncertainty. If the price of the coin declines from the mentioned level, the coin holders will be left waiting for a drop below the crucial support of $25,300-25,000 to receive further confirmation of the resumption of the downtrend.
On the contrary, a break above the combined resistance of $28,300 and the 0.236 Fibonacci level will continue the continuous upward recovery to $36,100 in line with the 0.382 Fibonacci level.
Relative strength index
The weekly RSI dip reaches 64%, which was last recorded during the bull run of November 2021.
Moving Average
The 50 and 200 weekly EMAs, which fluctuate near $25,000, increase the strength of this level’s support, so a break or reversal from this level is critical price action.
The total value of the global digital currency market is currently estimated at 1.15 trillion dollars, which is 0.31% lower than the previous day. Currently, 46.23% of the total digital currency market is owned by Bitcoin, which has increased by 0.05% in one day.
The total volume of the digital currency market in the last 24 hours is 32.11 billion dollars, which has decreased by 41.11%. The total volume in decentralized finance is currently $3.08 billion, which is 9.59% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $28.69 billion, which is 89.37% of the total 24-hour cryptocurrency market volume.
Digital currency price update (up to 08:17 EST)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 27 thousand 516.09 dollars
Price changes in the last 24 hours: 0.06% decrease
Price changes in the last week: 1.06% increase
2- Ethereum
Price: $1748.30
Price changes in the last 24 hours: 0.28% decrease
Price changes in the last week: 2.02% decrease
3- Tether
Price: $1.00
Price changes in the last 24 hours: 0.03% decrease
Price changes in the last week: 0.15% decrease
4- Binance Coin
Price: $323.68
Price changes in the last 24 hours: 0.16% decrease
Price changes in the last week: 2.90% decrease
5- USD coin
Price: $0.9999
Price changes in the last 24 hours: 0.02% increase
Price changes in the last week: 0.07% increase
6- Ripple
Price: $0.4483
Price changes in the last 24 hours: 1.71% increase
18.37% price changes in the last week
7- Cardano
Price: $0.3554
Price changes in the last 24 hours: 1.44% decrease
Price changes in the last week: 3.80% increase
8 – Dogecoin
Price: $0.07451
Price changes in the last 24 hours: 1.18% decrease
Price changes in the last week: 0.41% decrease
9- Solana
Price: $20.68
Price changes in the last 24 hours: 0.34% decrease
Price changes in the last week: 5.45% decrease
10- Polka dot
Price: $5.97
Price changes in the last 24 hours: 1.39% decrease
Price changes of a recent week: 7.58% decrease