Bitcoin Price Prediction as BTC Bounces from Recent Bottom – Is a Trend Reversal Near?
Bitcoin, the flagship cryptocurrency, seems to be showing signs of resilience. After its recent price plummet, BTC has managed to bounce off from its bottom, trading today at $26,919 – a slight uptick of 0.53% in the last 24 hours.
This brings the overall live market cap of Bitcoin to a robust $525.29 billion. Current data from CoinMarketCap places Bitcoin unchallenged at its #1 position.
With a circulating supply of approximately 19.51 million BTC coins out of the maximum cap of 21 million, Bitcoin's current resilience is evident. However, is this the first sign of an impending trend reversal?
Diving into the daily technical outlook of Bitcoin for October 13, based on a 4-hour chart timeframe, a central pivot point is identified at $26,400.
On the brighter side, Bitcoin could challenge the immediate resistance pegged at $28,000. Beyond that, there are two more resistance levels to watch out for: $29,062 and $30,574.
Conversely, Bitcoin can find its support at $25,426, and if this floor breaks, the subsequent supports stand at $23,891 and $22,876, respectively.
When analyzing technical indicators, the Relative Strength Index (RSI) is pegged at 45, suggesting a bearish sentiment below the mid-point of 50. Another critical indicator, the 50-day Exponential Moving Average (EMA), is placed at $27,200.
Since Bitcoin's current trading price is beneath this marker, it indicates a short-term bearish trend. The Moving Average Convergence Divergence (MACD) data isn't provided in the request, but it serves as an essential tool to identify momentum shifts in the market.
An interesting pattern identified in recent charts is a double-bottom breakout at $26,900.
Currently, this very level is acting as a resistance for Bitcoin.
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