Cryptocurrency

Bitcoin

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 <p class="paragraph">Bitcoin (BTC)&nbsp;has commenced the week with substantial volatility, plunging below the $27,700 mark.&nbsp;</p>
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 <p class="paragraph">Currently trading at $27,546, the premier digital currency has diminished by 1.19% within the past 24 hours after testing the resistance slightly below $28,000. Over the past week, the cryptocurrency has seen a decline of 2.71%, bringing its market cap to $537 billion.</p>
 <p class="paragraph">While Bitcoin wrestles with the bears, altcoins, too, face the tremors of this market correction. The wider altcoin market has experienced a downtrend; however, there are exceptions, with specific tokens witnessing impressive rallies. Nonetheless, the larger picture reveals a predominant correction phase.</p>
 <p class="paragraph">Prominent market analyst Michael van de Poppe commented on the situation today, noting, “Preferably, I’d like to see Bitcoin continue to make higher lows and hold above $27,500.” The close proximity of the current trading price to this recommendation is indicative of a precarious position.</p>
 <figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2023/10/09/d1c7d14726f043527255e79c7fddc4ff.webp" alt class="wp-image-131802" width="834" height="444" srcset="https://cdn.thebittimes.com/images/2023/10/09/d1c7d14726f043527255e79c7fddc4ff.webp 1000w, https://cdn.thebittimes.com/images/2023/10/09/d1c7d14726f043527255e79c7fddc4ff.webp 300w, https://cdn.thebittimes.com/images/2023/10/09/d1c7d14726f043527255e79c7fddc4ff.webp 768w" sizes="(max-width: 834px) 100vw, 834px">
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   Crucial level to support for BTC. Source: Michael van de Poppe:
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 <h2 class="wp-block-heading" id="h-btc-performance">BTC performance&nbsp;</h2>
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       <h3 class="font-bold leading-6 " id="bitcoin-is-2023-s-best-performing-asset-among-40-wealth-classes">Bitcoin is 2023's best-performing asset among 40 wealth classes</h3>
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 <p class="paragraph">A glint of optimism shines through when we consider the yearly performance of Bitcoin. Over the past 12 months, Bitcoin’s value has surged by an impressive 42%. Furthermore, this growth trajectory has made it outperform 87% of the top 100 crypto assets.&nbsp;</p>
 <p class="paragraph">Key levels to observe in the forthcoming days include a support threshold of $27,197 and a resistance cap of $28,515. If the premier cryptocurrency can maintain its position above the $27,500 mark, as pointed out by van de Poppe, we might witness a consolidation phase before a possible bullish run.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/09/b6c03ae594033b348ddf167e00b678e0.webp" alt class="wp-image-131803" srcset="https://cdn.thebittimes.com/images/2023/10/09/b6c03ae594033b348ddf167e00b678e0.webp 1024w, https://cdn.thebittimes.com/images/2023/10/09/b6c03ae594033b348ddf167e00b678e0.webp 300w, https://cdn.thebittimes.com/images/2023/10/09/b6c03ae594033b348ddf167e00b678e0.webp 768w, https://cdn.thebittimes.com/images/2023/10/09/b6c03ae594033b348ddf167e00b678e0.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC 1-day price chart. Source: Finbold
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 <p class="paragraph">One beacon of hope for long-term holders and investors is that Bitcoin is trading above its 200-day simple moving average. This is often perceived as a bullish indicator in traditional market <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>. Nevertheless, with only 14 green days in the past month, amounting to 47% of the time, short-term traders need to tread cautiously.</p>
 <p class="paragraph">While the immediate landscape for Bitcoin seems cloudy, its year-long performance provides a silver lining. As Bitcoin hovers around critical price levels, the coming weeks will be crucial in determining its trajectory for the remainder of 2023.</p>
 <p class="paragraph"><em><strong>Disclaimer:</strong> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-s-rocky-start-price-drops-below-27-7k-can-btc-recover-tbt65627.html">https://thebittimes.com/bitcoin-s-rocky-start-price-drops-below-27-7k-can-btc-recover-tbt65627.html</a></p>

Bitcoin’s rocky start: Price drops below $27.7k, can BTC recover?

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