The flagship cryptocurrency, Bitcoin, has sparked renewed interest among investors and enthusiasts as its price increases.
With today’s live Bitcoin price standing at $26,203 and a 24-hour trading volume reaching a staggering $10 billion, the digital asset has seen a near 0.50% surge in the past day.
As it continues to dominate the CoinMarketCap rankings at #1, its current market capitalization hovers around $510 billion.
Given that there are 19,496,412 BTC coins in circulation out of a maximum supply of 21,000,000 BTC coins, the pressing question emerges: Is the bull market making a comeback?
Consumer Confidence Index Falters in September
In September, the Conference Board’s Consumer Confidence Index witnessed another decline, settling at 103.0 (baseline: 1985=100), a drop from the revised 108.7 in August.
The Present Situation Index, which gauges consumers’ perceptions of the prevailing business and labour market scenarios, registered a marginal ascent of 147.1 (baseline: 1985=100) from its previous value of 146.7.
Conversely, the Expectations Index, reflecting consumers’ near-term prospects for income, business, and labor conditions, receded to 73.7 (baseline: 1985=100) in September, descending from 83.3 in the prior month. Notably, this retreat brought the Expectations Index below the critical
80 mark—traditionally indicative of a looming recession within the forthcoming year.
Bitcoin Price Prediction
Bitcoin, in its current trajectory, is demonstrating lateral movement, having descended below the pivotal support threshold of $26,500.
The prevailing conditions suggest a potential decline, possibly breaching the notable $26,000 mark in the ensuing period.
Despite several endeavors, the premier cryptocurrency has been unsuccessful in surpassing the $27,500 resistance, leading to a marked retraction.
This downturn has ushered Bitcoin beneath crucial support zones of $27,000 and $26,500, thereby signaling a bearish disposition.
Further to this, BTC momentarily descended below the $26,200 foundational level, nearing the $26,000 juncture. It has, however, marked a recent low of around $26,026, transitioning into a stage of loss mitigation.
Currently, BTC marginally surpasses the 23.6% Fibonacci retracement tier, facing imminent resistance at $26,350 and $26,500.
Should BTC overcome the $26,700 barrier, there exists a potential trajectory towards $27,000 and, subsequently, $27,500. Conversely, a failure to do so might steer BTC towards lower landmarks of $25,400 or potentially $25,000.
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