Bitcoin Price Up 0.6%: Is the Bull Market Returning?

Bitcoin Price Up 0.6%: Is the Bull Market Returning?

Bitcoin, regularly dubbed the ‘king of cryptocurrencies’, is another time in the limelight as it reveals a diffused uptrend.

As of nowadays, Bitcoin’s triumphing market fee stands at an outstanding $26,203. In the closing 24 hours, Bitcoin has seen its buying and selling extent peak at $10 billion, showcasing an approximately zero.50% increase.

Retaining its top spot on CoinMarketCap, Bitcoin’s market cap is currently evaluated at round $510 billion. With 19,496,412 BTC coins currently in move out of its capped deliver of 21,000,000, the crypto network wonders: Is the bullish fashion on the horizon?

Reda Also: Top 5 Best Cryptocurrencies to Invest in September 2023

Consumer Confidence Takes A Hit in September

The Conference Board’s Consumer Confidence Index in September registered a decrease, losing to 103.Zero (baseline: 1985=100) from its revised August parent of 108.7.

The Present Situation Index, a metric to recognize customers’ notion of the contemporary business and employment landscape, barely stepped forward to 147.1 (baseline: 1985=a hundred) from 146.7 in August. However, the Expectations Index, which reflects anticipations concerning income, trade, and labor conditions, declined to 73.7 in September from eighty three.3 the previous month. Alarmingly, this dip has positioned the Expectations Index underneath the large 80 benchmark—regularly considered a precursor to a likely recession inside the subsequent year.

Read Also: Chainlink (LINK) Price Poised for a Bullish Turn? A September Overview

Bitcoin’s Future Trajectory

Bitcoin’s recent conduct showcases a lateral trend, having these days fallen below the crucial $26,500 help level.

Current marketplace signs trace at a likely downturn, which may see Bitcoin breaking below the great $26,000 mark rapidly.

Despite repeated attempts, Bitcoin has located it difficult to interrupt past the $27,500 resistance, culminating in a important pullback. This decline has located Bitcoin beneath essential guide tiers like $27,000 and $26,500, hinting at a bearish fashion.

At one factor, Bitcoin in brief dipped beneath $26,two hundred, nearly touching $26,000. Presently, Bitcoin marginally surpasses the 23.6% Fibonacci retracement degree, encountering resistance around $26,350 and $26,500.

If Bitcoin manages to breach the $26,700 barrier, a nice trajectory towards $27,000 or even $27,500 will be at the playing cards. Conversely, failure would possibly push Bitcoin down to $25,four hundred or doubtlessly even $25,000.

Read Also: Bitcoin And Crypto: These are the 2 Things to Focus on This Week

Cryptocurrency Prospects for 2023

Stay knowledgeable inside the swiftly converting crypto domain by using browsing our specially curated listing of the top 15 change cryptocurrencies and ICO tasks slated to make waves in 2023.

This compilation is a collaborative attempt between specialists at Industry Talk and Cryptonews, ensuring current insights and hints for your crypto investments.

Seize this danger to delve into the ability of these digital currencies and live ahead of the curve.

Read Also: Top Cryptocurrency Picks for September : Potential Winners in a Dynamic Market

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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