Cryptocurrency

Bitcoin

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126388/333749/13-1.jpg" srcset="https://cimg.co/news/126388/333749/responsive-images/13-1___media_library_original_1280_720.jpg 1280w, https://cimg.co/news/126388/333749/responsive-images/13-1___media_library_original_1200_675.jpg 1200w, https://cimg.co/news/126388/333749/responsive-images/13-1___media_library_original_900_506.jpg 900w, https://cimg.co/news/126388/333749/responsive-images/13-1___media_library_original_720_405.jpg 720w, https://cimg.co/news/126388/333749/responsive-images/13-1___media_library_original_600_338.jpg 600w, https://cimg.co/news/126388/333749/responsive-images/13-1___media_library_original_300_169.jpg 300w" width="1280" class="content-img" alt=""></figure>Key Points<ul><li>Bitcoin currently trades at $26,730 with a slight 24-hour increase and boasts a market cap of $521.58 billion.</li><li>The 50-day EMA stands at $27,210, emphasizing a bearish sentiment as Bitcoin trades below this marker.</li><li>A notable chart pattern, the double bottom breakout, has occurred at $26,900, which now acts as a resistance point.</li></ul><a href="tradingview.com/symbols/BTCUSD/">Bitcoin</a>, the world's premier cryptocurrency, faced challenges in sustaining its value, plunging below the $27,000 threshold on Friday. In the last 24 hours, its price largely oscillated around the $26,600 mark.&nbsp;The recent depreciation is largely tied to the unveiling of the US Consumer Price Index (CPI) for September. This index rose by 0.4%, surpassing the projected 0.3%.&nbsp;This unexpected <a href="https://www.cnbc.com/2023/10/12/cpi-september-2023.html">surge in the CPI</a> catalyzed a sell-off in risk-prone assets, encapsulating cryptocurrencies.<figure class="media"><oembed url="https://twitter.com/AskToRahulSingh/status/1712679533588230589"></oembed></figure>Concurrently, the US Dollar rallied by 0.8% after the <a href="https://cryptonews.com/news/bitcoin-price-prediction-btc-drops-almost-3-following-fomcs-assertive-remarks-awaits-us-cpi-insights.htm">US CPI release</a>, marking another significant element pressuring the cryptocurrency realm downwards.&nbsp;This scenario underscores a heightened investor prudence, a sentiment casting shadows not merely on the crypto space but also on the conventional financial arenas.<h2 id="strong-bitcoin-price-strong">Bitcoin Price&nbsp;</h2>On October 13, Bitcoin's current trading price stands at $26,730, reflecting a marginal gain of 0.10% over the last 24 hours.&nbsp;With a significant 24-hour trading volume of $13.54 billion, Bitcoin confidently holds its dominant position as the #1 cryptocurrency on <a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>. The live market capitalization for Bitcoin is an impressive $521.58 billion.&nbsp;As of now, approximately 19.51 million BTC coins are in circulation, inching closer to its predetermined cap of 21 million BTC.<h2 id="strong-bitcoin-price-prediction-strong">Bitcoin Price Prediction</h2>In terms of the 4-hour chart, the pivot point for <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTCUSD)</a> is identified at $26,536. On the upside, Bitcoin confronts its first line of resistance at $28,000, followed by resistances at $29,062 and $30,574.On the downside, support is placed firmly at $25,426, with further supports at $23,891 and $22,876, respectively.Two significant technical indicators provide insights into the current market trend. The Relative Strength Index (RSI) is marked at 37, leaning towards the bearish side.&nbsp;Meanwhile, the 50-day Exponential Moving Average (EMA) is $27,210. With the current trading price below this EMA value, it underscores a short-term bearish trend in the market.<figure class="image"><img src="https://cimg.co/news/126388/333750/btc.jpg" srcset="https://cimg.co/news/126388/333750/responsive-images/btc___media_library_original_1497_863.jpg 1497w, https://cimg.co/news/126388/333750/responsive-images/btc___media_library_original_1200_692.jpg 1200w, https://cimg.co/news/126388/333750/responsive-images/btc___media_library_original_900_519.jpg 900w, https://cimg.co/news/126388/333750/responsive-images/btc___media_library_original_720_415.jpg 720w, https://cimg.co/news/126388/333750/responsive-images/btc___media_library_original_600_346.jpg 600w, https://cimg.co/news/126388/333750/responsive-images/btc___media_library_original_300_173.jpg 300w" width="1497" class="content-img" alt=""><figcaption>Bitcoin Price Chart - Source: Tradingview</figcaption></figure>Recent chart analysis has revealed an intriguing pattern: a double bottom breakout at the $26,900 mark. Interestingly, this very level now seems to serve as a resistance for Bitcoin.&nbsp;Such patterns suggest a testing phase for the digital currency as it grapples with overcoming this resistance.Conclusively, Bitcoin's trajectory seems bearish as it remains under the $27,210 mark. However, a breakthrough above this threshold can tilt the trend in favor of the bulls.&nbsp;Short-term predictions anticipate Bitcoin challenging the aforementioned resistance levels in the forthcoming trading sessions.<h2 id="strong-top-15-cryptocurrencies-to-watch-in-2023-strong">Top 15 Cryptocurrencies to Watch in 2023</h2>Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023.&nbsp;Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.&nbsp;Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.<div class="raw-html-embed"><div style="background: #920047;margin-bottom: 20px;width: 50%;text-align: center;padding: 8px;border-radius: 5px;background-image: linear-gradient(107deg,#930046,#59008a);color: white;padding-left: 1em;padding-right: 1em; font-size: 16px;"><a style="text-decoration:none;color:white" href="https://cryptonews.com/news/new-cryptocurrency.htm" target="_blank" rel="nofollow noindex">See the 15 Cryptocurrencies</a></div></div><h2 id="strong-find-the-best-price-to-buy-sell-cryptocurrency-strong">Find The Best Price to Buy/Sell Cryptocurrency</h2><figure class="image"><img src="https://cimg.co/news/126388/333751/tracker.jpg" srcset="https://cimg.co/news/126388/333751/responsive-images/tracker___media_library_original_1525_583.jpg 1525w, https://cimg.co/news/126388/333751/responsive-images/tracker___media_library_original_1200_459.jpg 1200w, https://cimg.co/news/126388/333751/responsive-images/tracker___media_library_original_900_344.jpg 900w, https://cimg.co/news/126388/333751/responsive-images/tracker___media_library_original_720_275.jpg 720w, https://cimg.co/news/126388/333751/responsive-images/tracker___media_library_original_600_229.jpg 600w, https://cimg.co/news/126388/333751/responsive-images/tracker___media_library_original_300_115.jpg 300w" width="1525" class="content-img" alt=""><figcaption>Cryptocurrency Price Tracker - Source: Cryptonews.com</figcaption></figure>Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
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Bitcoin Price Prediction as BTC Holds Steady at $26,500 Support – Are Bears Taking Control?

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