Bitcoin price prediction for today: The pair BTC/USD has begun a wave of recovery
Bitcoin price prediction for today: The pair BTC/USD has begun a wave of recovery
The cryptocurrency market began to recover on Tuesday as investors showed confidence in it. Previously, the results of last week's meetings of major central banks suppressed investors' interest in large transactions. Also, the Cryptocurrency Market Fear and Greed Index was at 39, which is still in the fear zone.
Bitcoin's price settled below the $26,500 resistance level. On Tuesday morning, Bitcoin began a fresh decline from the $26,800 level, moving into negative territory below the $26,500 and $26,200 support levels.
After testing $26,000, the pair made a low of around $26,026. Thereafter, Bitcoin began a wave of recovery above the $26,200 level.
Currently, the major cryptocurrency is trading at $26,289.05.
The BTC/USD pair has risen above the 23.6% Fibonacci retracement level from the recent decline in the range of $26,712 to $26,026.
Currently, the bears are defending a break of the resistance level at $26,500. A major bearish trend line has also formed on the hourly chart, with resistance at $26,420.
The rally in Bitcoin and major cryptocurrencies has led to gains in the broader market today. The crypto market capitalization rose to $1.05 trillion.
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