It pulls the big BTC prize. $163,000 in BTC, this is the amount that a lucky guy has just won by mining Bitcoin alone. Usually, miners are used to banding together to have a higher chance of receiving the 6.25 BTC reward, but this is not the case with this lone miner. The course of Bitcoin is currently trading around $26,000. After the flash crash experienced last week, buyers and sellers are neutralizing each other.
Bitcoin price stagnates in 24 hours
After the violent decline that shook the cryptocurrency market, the bitcoin price stagnates around 26,000 dollars :
In one week, the course drop of nearly 11%. In one month, the price shows a 12.5% decrease. For its part, the BTC/ETH pair climbs nearly 2% in 24 hours. Fact, Ethereum shows fragility in the short term against Bitcoin, which was not the case after the violent fall.
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Bitcoin Price Drops Below 200 Period Moving Average Weekly
THE moving averages are widely used by market operators, and in particular the 200-period moving average (MA 200) on a weekly basis. This has done several times support in the past, such as in 2015, 2019 or 2020:
The MA 200 is very relevant, it has indicated several market lowss in the past. Buying at this moving average has resulted in excellent performance. However, in 2022, the price has fell below the MA 200. Then it happened dismiss by the moving average. Fact, the MA 200 actually acts like a magnet on the course.
If the price marks a new all-time high in the next few months or years, it will be a excellent level of accumulation for the bravest. Before that, the MA 200 evolving around the $27,500the price will have to face this resistance in the next few days or weeks.
Bitcoin price holds support at $26,000
Last night, the price tried to fall towards the support at 25,000 dollars, but buyers reacted very quickly. The course is again at the level of the support at 26,000 dollars :
The objective of the buyers is to close the price above the last high marked at $26,300. A close like this would allow the price to regain a bullish momentum in 4 hour time unit. The price could then join the resistance at $26,700. For now, the institutional bias (EMA 9/EMA 18) bearish resistance and a further rejection could bring the price back to the level of the support at 25,000 dollars. The RSI is approaching the bearish trendline, a rejection could take place. The RSI will need to regain momentum with bottoms and ascending tops for the buyers regain momentum.
The price of Bitcoin once again falls below the MA 200 on a weekly basis. It is located at $27,500, and it will now be resistance. In the past, returns to the MA 200 level have been opportunities. Will this be the case again? In the short term, the price stabilizes on the support at $26,000. If the buyers push, the price could retrace to the resistance level at $26,700. THE could altcoins benefit ?
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