Where is Bitcoin next?
According to Iran Economist and quoted by Coin, the value of 17.5 thousand dollars will be considered a key resistance if it goes down. Based on this, we can predict a further decrease to the $15,000 range and even lower levels in the medium term. However, an unrealistic breakout and quick reversal is also possible, a pattern that could start a rally in the short term. Even based on this forecast, the static resistance levels of $24,000 and $30,000 and the 50-day moving average, which is currently around $26,000, will be significant obstacles, so before the price can break above the $30,000 level, The probability of an upward reversal is very low.
In the four-hour time frame, the price stabilizes in the $17-$20,000 range and forms a triangle pattern that can be a reversal or a continuation pattern. Targets for the upside breakout are the $24,000 area and then the $30,000 area where the previous bearish flag was formed.
On the other hand, a bearish breakout will cause the price to drop quickly towards $17.5000. The relative strength index (RSI indicator) also shows values below 50%, which indicates the relative dominance of bears. This structure shows that the probability of a bearish failure is relatively higher.
Bitcoin’s brutal downtrend over the past few months has resulted in significant losses for investors, and even long-term holders, the group that usually spend their coins when they’re profitable, are already seeing losses. This behavior often occurs in the last phase of a bear market, a period in which even long-term holders begin to panic sell or give up.
These holders usually have large amounts of Bitcoin because they probably accumulated their coins at lower prices and held them for a long time. Therefore, they inject significant supply into the market, which usually initiates the final decline of the bear market.
Finally, a low is formed when the smart money collects these cheap coins. The short-term profit ratio (SOPR) of long-term holders shows the intensity of profit or loss realized by this group. The measure is currently below one, indicating that long-term holders are taking a loss on the daily, indicating further pain and decline in the short-term and possible downside in the near future.
The total value of the global market of digital currencies is currently estimated at 863.55 billion dollars, which has decreased by 4.16% compared to the previous day. Currently, 42.42% of the total digital currency market is owned by Bitcoin, which has decreased by 0.63% in one day.
The total volume of the digital currency market in the last 24 hours is 63.61 billion dollars, which has decreased by 11.68%. The total volume in decentralized finance is currently $5.63 billion, which is 8.86% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $57.13 billion, which is 89.82% of the total 24-hour cryptocurrency market volume.
Digital currency price update (up to 07:20 am EST)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 19 thousand 159.47 dollars
Price changes in the last 24 hours: 5.61% decrease
Price changes in the last week: 9.74% decrease
2- Ethereum
Price: 1,043.85 dollars
Price changes in the last 24 hours: 4.57% decrease
Price changes in the last week: 14.05% decrease
3- Binance Coin
Price: $214.70
Price changes in the last 24 hours: 4.09% decrease
Price changes in the last week: 9.02% decrease
4- Tether
Price: $0.9989
Price changes in the last 24 hours: 0.01% increase
Price changes in the last week: 0.04% decrease
5- Solana
Price: $32.28
Price changes in the last 24 hours: 7.29% decrease
Price changes in the last week: 21.67% decrease
6- Cardano
Price: $0.4465
Price changes in the last 24 hours: 4.29% decrease
Price changes in the last week: 10.49% decrease
7- Ripple
Price: $0.3112
Price changes in the last 24 hours: 5.34% decrease
14.99% decrease in price changes in the last week
8- Polka dot
Price: $6.66
Price changes in the last 24 hours: 5.82% decrease
Price changes in the last week: 17.96% decrease
9 – USD Coin
Price: $1.00
Price changes in the last 24 hours: 0.02% increase
Price changes in the last week: 0.03% increase
10- Dogecoin
Price: $0.06632
Price changes in the last 24 hours: 1.77% decrease
Price changes in the last week: 0.55% decrease