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July 18, 2024
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Bitcoin Price Struggling Hard at $26,000; Is This the Time to Be Worried?

The post Bitcoin Price Struggling Hard at $26,000; Is This the Time to Be Worried? appeared first on Coinpedia Fintech News

The crypto markets are rising slightly after being captivated by bears in recent times. The bitcoin price, which has slipped to $25,300, has regained levels above $26,700 at press time. However, the price is facing hindrances in clearing the resistance at $27,000 as the bulls appear to have drained in lifting the price back above $26,500. The price may have risen slightly, but the fear of rejection still hovers as selling pressure has not waned.

Therefore, is this the time to worry? Will the bitcoin price slip back below $25,000 as predicted by many?

Amid the current price variations, the BTC price continues to trade within the wedge pattern and is presently positioned above a major trendline on the daily timeframe. Unless the price maintains above the trendline, a successful breakout from the wedge may be expected, which may trigger a 20% to 25% upswing. In the event of a rejection, a drop toward $21,500 may be imminent. 

In a surprising development, more than 1400 BTC, which were stationed at a dormant address for over 10 years, have come back to life. A transaction of 1432.92 BTC was sent in block 793344, speculating a fresh wave of volatility within the markets. Alongside, US CPI and FOMC, are scheduled for the coming week, which may further fuel the volatility. 

Collectively, in the longer term, the star crypto, Bitcoin continues to remain bullish in nature and the current bearish action may resemble the accumulation for the upcoming run. Therefore, in the short term, the aforementioned levels need to be closely monitored as it have decided the next play for the BTC price. 

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