• Bitcoin (BTC) is struggling to maintain its position above the $26,000 mark and has experienced bearish momentum over the past few weeks.
• Bitcoin has the highest number of active wallet activity recently, with 963.64K active wallets.
• If BTC experiences bullish momentum, it will reach the nearest resistance level of $26,300; however if it fails to break this mark it may drop below $25K.
Bitcoin (BTC) Struggles to Maintain Price Above $26K Mark
Bitcoin (BTC), the world’s largest cryptocurrency, has been experiencing strong bearish momentum over the past few weeks and is currently struggling to maintain its position around the $26,000 mark. Despite this, BTC has recently achieved its highest address activity in 30 days with 963.64K active wallets according to crypto market analyzer Santiment.
Price Performance Affecting Crypto Market
The current trading price of Bitcoin (BTC) is at $26,063 with a slight recovery of 0.21% in the last 24 hours but daily trading volume has decreased by 7.04%. According to TradingView data, if Bitcoin experiences bullish momentum it will reach a resistance level of $26,300; however if BTC fails to break this resistance level it may result in another drop below $25K.
Bullish Momentum Needed for Breakthrough
The daily price chart shows that Bitcoin is in a bearish momentum as its current price is below the 50-day exponential moving average (50 EMA). Additionally according RSI indicator data BTC is currently in an oversold zone making a breakthrough harder for investors to achieve without bullish momentum behind them.
Surge Expected from Investors
Despite recent struggles investors are expecting a surge from Bitcoin which can help push its price back up above $26K and possibly beyond that into new highs for 2021 and beyond. However whether or not this surge can be achieved remains unknown as bears remain firmly entrenched in control of BTC’s current market situation.
Conclusion
It appears that although Bitcoin’s address activity continues to remain high due to investor interest, bears are still having an effect on its trading performance which could mean that unless we see some positive signs soon prices could continue their downward trajectory towards new lows for 2021 and beyond unless bulls come out victorious soon!