BITCOIN PRICE ANALYSIS-$26,000: BTC Strong at $25K, Bulls Eye Upside

BTC price bounces back as Franklin Templeton pursues BTC ETF

In the past 24 hours, Bitcoin has displayed remarkable price fluctuations, oscillating between its peak at $26,567 and hovering just above the $25,000 threshold. This surge in price volatility aligns with the eagerly awaited legal ruling that FTX executives have been pursuing in the Delaware bankruptcy court.

On The Daily Chart:

Bitcoin (BTC) faced a significant hurdle at the $26,500 resistance level, potentially forming a double-top pattern and signaling a possible dip towards the $25,000 support zone. Initially, Bitcoin's price showed promise as it climbed above $26,000, briefly surpassing $26,200. However, bears took control near $26,500, preventing a sustained breakout. The highest point reached was around $26,567, followed by a corrective decline.

There are signs of a double-top pattern near the $26,500 range, with the price currently trading below the 23.6% Fibonacci retracement level. Nevertheless, Bitcoin remains above $25,800 and finds support from the 100-hourly Simple Moving Average.

On The 4-Hour Chart:

In the 4-hour time frame, Bitcoin exhibits a more favorable outlook. It has been constructing a substantial falling wedge pattern, where the lower limit aligns with a robust support level at $25,000. Presently, the price is tracking towards the upper trendline of this pattern, and in the event of a bullish breakout, there is a substantial likelihood of an ascent towards the resistance zone at $28,000. Furthermore, the Relative Strength Index (RSI) indicator reveals a conspicuous bullish divergence between the most recent price troughs. 

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $505,545,325,038. The 24-hour trading volume is approximately $14,354,745,321.

KEY LEVELS :

RESISTANCE LEVEL : $26,500-$26,800

SUPPORT LEVEL : $25,600-$25,200

Is the ongoing selling pressure in the crypto market cause for alarm? The recent emergence of a 'Death Cross' in Bitcoin has raised concerns among bullish investors. Are we witnessing the peak for Bitcoin in 2023, or might we be headed for an extended downtrend? Additionally, could the submission of a spot Bitcoin Exchange Traded Fund (ETF) application by global investment giant Franklin Templeton to the SEC potentially trigger a bullish rally for BTC? Please share your views in the box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.