Bitcoin's Downfall: Key Support Shattered, Down Trend Confirmed?

Bitcoin (BTC) is trading at $26,827.34 as of October 12, 2023, 01:17 EDT. This is a decrease of 1.37% in the past 24 hours.

Bitcoin has been in a downtrend since it reached its all-time high of $68,789.63 in November 2021. However, it has shown some signs of recovery in recent weeks, breaking above the 50-day SMA on Monday.

Today, Bitcoin has been trading in a relatively narrow range, between $26,700 and $27,600. It is currently testing the support level at $26,800. If this level breaks, Bitcoin could fall to $26,500 or even lower.

On the other hand, if Bitcoin can hold above $26,800, it could retest the resistance level at $27,600. If this level breaks, Bitcoin could rise to $28,000 or even higher.

Overall, Bitcoin's price action today has been relatively subdued. However, it is important to note that the cryptocurrency market is known for its volatility, so things can change quickly.

Disclaimer: I am not a financial advisor and this is not financial advice. Please do your own research before making any investment decisions.

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