Bitcoin (BTC) price has broken below its consolidation phase, bringing Ethereum (ETH) and Ripple (XRP) prices down with it. This extends the overall b
Cryptocurrency metrics FAQsThe developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin.
Furthermore, a death cross hangs over Bitcoin price, indicated by the 50-day Moving Average almost crossing below the 200-day MA. A death cross pattern occurs when the short-term moving average of an asset crosses below its long-term moving average.could fall toward $24,500. This level is of particular significance as it marks the June 2023 lows and the last lowest high.
In a highly bullish case, the king of crypto could extend to breach the resistance confluence between the 50- and 200-MA at around $27,616 before a neck higher possible toward the $28,838 hurdle. In highly ambitious cases, Bitcoin price could shatter past the $30,000 psychological level before a test of the range highs above $31,804.
The bullish convergence between Bitcoin price and two momentum indicators, RSI and MACD, adds weight to prospects of a recovery. This is indicated by BTC price recording lower lows which are not mirrored by either RSI or MACD. Ethereum price is $1,575 at press time, sliding south with a forecasted 10% slump to $1,407 if Bitcoin price tags $24,500.
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