He hits the BTC jackpot. 163,000 in BTCthat’s the amount of money a lucky boy has just won by mining Bitcoin alone. Usually, miners group together to increase their chances of receiving the 6.25 BTC reward, but that’s not the case for this solitary miner. The price of Bitcoin is currently trading at around $26,000.. After last week’s flash crash, buyers and sellers are neutralizing each other.
Bitcoin price stagnates in 24 hours
After the violent downturn that shook the cryptocurrency market, the Bitcoin price stagnates at around $26,000 :
In one week, the falls by nearly 11. In one month, the share price down 12.5%.. Meanwhile, the BTC/ETH pair climbs nearly 2% in 24 hours. In fact, Ethereum shows fragility against Bitcoin, which was not the case after the violent fall.
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Bitcoin price falls below weekly 200-period moving average
The moving averages are widely used by market operators, especially the weekly 200-period moving average (MA 200). Several times, this support in the past, as in 2015, 2019 or 2020 :
MA 200 is very relevant, it has indicated several market lowss in the past. Buying at the level of this moving average resulted in excellent performance. In 2022, however, the share price has fell below the MA 200. Then it was rejected by the moving average. In fact, the MA 200 is currently acting like a magnet on the share price.
If the share price marks a new all-time high in the next few months or years, it will be a excellent level of accumulation for the brave. Prior to this, the MA 200 was evolving around the 27,500the price will have to cope with this resistance in the coming days or weeks.
Bitcoin price holds support at $26,000
Last night, the price attempted to fall towards the support at $25,000but buyers were quick to react. The price is back at the support at $26,000 :
Buyers aim to close above the last peak at $26,300. A close in this range would allow the price to regain upward momentum in 4H time unit. The price could then reach the resistance at $26,700. For the time being, the institutional bias (EMA 9/EMA 18) is providing resistance and further rejection could bring the price back to the support at $25,000. The RSI is approaching the bearish trendlinea rejection could set in. The RSI will need to regain momentum with ascending lows and highs for the buyers to regain momentum.
The Bitcoin price once again falls below the MA 200 on a weekly basis. It stands at $27,500, and will now act as resistance. In the past, returns to the MA 200 level have been opportunities. Will this be the case again? In the short term, the price is stabilizing on support at $26,000. If buyers push, the price could return to resistance at $26,700. Visit altcoins could benefit ?
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