Bitcoin Technical Analysis: After Seeing $26,000, It Has Again Dropped Below the Resistance

Bitcoin, the leading cryptocurrency, accelerated the rise it has experienced for three days, and after passing the 26k level with incredible momentum, it fell below the $ 25211 resistance level again.

Bitcoin, the leading cryptocurrency, accelerated the rise it has experienced for three days, and after passing the 26k level with incredible momentum, it fell below the $ 25211 resistance level again. As a result of this rapid rise and retreat, According to current data from Coinglass, an average of $300 million worth of short and long positions have been liquidated in the last 24 hours. The total value of the cryptocurrency market has again exceeded 1 trillion levels, according to CoinMarketCap data. Bitcoin, which started the day on a falling trend with $ 24112 yesterday, increased by 10% to $ 26379 during the day but could not maintain this rise and closed the day at $ 24670 with an increase of 2.31%.

Bitcoin, which started today at $24670, is trading at $24568 with an increase of 0.41% at the time of writing.

Bitcoin Chart Analysis

Although Bitcoin, which survived the selling pressure for three weeks, managed to pass the level of $ 25211, which it could not pass before, in just four days, it could not close above this level. When we examine the chart above, Bitcoin, which rose 10% during the day and completed the closing with only a 2.31% rise, is trading on the falling trend from August 2022. Although trading on the downtrend is favorable for Bitcoin, the $25211 level still stands as a significant resistance. Unless this level breaks upward, the selling pressure will increase again. Our support levels for today are $24000, the downtrend line, and $23544, the EMA5, the first two support levels I will follow.

What is the latest situation in Altcoin?

The latest situation in some altcoins;

Ethereum: down 1.49% at $1674,
Solano: down 1.97% at $20.45,
Avax: down 2.27% at $16.76,
Ripple: down 1.59% at $0.3686,
BNB: It is trading at $308, down 0.10% at the time of writing.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

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