Bitcoin (BTC) experienced a significant price surge this week, rallying up by 7% and bouncing back above $25,420 to $26,800, leaving investors wondering whether now is the opportune time to enter the market. This positive development has eased regulatory concerns and caused many to contemplate buying into the leading cryptocurrency.
The global cryptocurrency markets have demonstrated remarkable strength, with the crypto market capitalization reaching an impressive $1.17 trillion, reflecting a notable increase of over 3%. Additionally, the crypto fear and greed index has experienced a substantial recovery, returning to the neutral zone with an impressive 9-point increase.
Furthermore, the recent market recovery saw some traders taking short positions, expecting the price of Bitcoin to drop. However, the market defied their expectations and resulted in the liquidation of these short positions, ultimately creating additional demand for Bitcoin and driving its price higher.
When examining technical indicators and moving averages, there is a divergence. Both indicators remain bullish, indicating that buying pressure may still prevail. Breaking through the crucial resistance level at $27,350 is essential for Bitcoin to maintain its upward momentum.
In the event of a downward movement, immediate support is expected around $26,600, which coincides with the 50-day exponential moving average. If this level is breached, a decline toward the previous support at $26,175 is likely, followed by a potential further drop toward the next support level at $25,400.
Cryptonews Industry Talk’s list of the most promising coins in 2023 provides valuable information about these projects. It is regularly updated on a weekly basis and features new altcoins and ICO projects, so it is recommended to revisit it for the latest additions.
Stay informed and stay tuned for exciting opportunities in the crypto space. Cryptonews Price Tracker is also a great tool to find the best price to buy/sell cryptocurrency.
