As G20 nations plan a unified crypto regulatory framework, Bitcoin’s price remained stable over the weekend, defying expectations. Meanwhile, India’s Central Bank Digital Currency now has 1.5 million users and is accepted by 300,000 merchants, as confirmed by RBI’s chief, Shrikanta Das.
Bitcoin’s price has been moving sideways for a while now. One key thing to note is that it tends to bounce back whenever the price drops to around $25,600. This has happened six times already. However, the BTC price is having a hard time rising above the 50 EMA.
Zooming out to a daily time frame paints a slightly optimistic picture. A series of lower price rejection candles hint at the potential of a bullish bounce-back. However, the repeated failure to trigger a bullish rally signals a substantial supply pressure lurking in the Bitcoin price narrative.
Technical indicators:
Relative Strength Index: The daily RSI indicates a front of bullish sentiment. Even though it’s strolling just below the halfway line, a noticeable bullish divergence is evident.
MACD: The MACD and signal lines also tilt slightly towards the positive end of the spectrum.
EMAs: The 50 and 200-day EMA are on the verge of a death cross that might push the BTC price to even lower levels.
Where is Bitcoin Price Heading?
Currently, Bitcoin’s price is trading at $25,857, and it is at a critical juncture. A breach below the $25,600 support could pave the way for a descent to $24,864, translating to a decline of around 3%. If this defense crumbles, a further slump could see BTC prices touching $24,100.
However, if Bitcoin can muster enough bullish momentum to break free in a more optimistic scenario, the immediate hurdle lies at $27,294. Overcoming this resistance would be paramount for BTC to aim for the coveted $28,000 mark, offering a potential upside of approximately 9%.
