• Bitcoin (BTC) is struggling to maintain its price above the $26K mark.
• The crypto market analyzer Santiment reported that BTC has the highest number of active wallet activity.
• If Bitcoin experiences bullish momentum, it will reach the nearest resistance level of $26,300 but if it fails to break this resistance, it will drop below the support level of $25,000.
Bitcoin (BTC) Struggles to Stay Above $26K
Bitcoin (BTC), the world’s largest cryptocurrency, has experienced bearish momentum over the past few weeks and is currently struggling to stay above the $26K mark.
Highest Wallet Activity Recorded
The crypto market analyzer Santiment reported that BTC has recorded the highest number of active wallet activity in the past 30 days with 963.64K active wallets. However, despite this high address activity, Bitcoin’s price performance has not been very impressive.
Slight Recovery in Last 24 Hours
Bitcoin experienced a slight recovery of 0.21% in the last 24 hours and is currently trading at $26,063. The daily trading volume of BTC has decreased by 7.04%. According to TradingView data, if there is a bullish trend then BTC will reach its nearest resistance level of $26,300 and even surpass the $27K mark; however if bearish momentum continues then it may drop below its support level at $25K.
RSI Indicator Showing Oversold Zone
The RSI indicator shows that Bitcoin is now in an oversold zone as its RSI level stays at 25.55. This means that bears have taken control and are preventing Bitcoin from breaking through its current levels and entering a bullish trend again.
Will Bitcoin Break Bearish Momentum?
It remains to be seen whether or not Bitcoin can overcome this bearish momentum and break through its current levels or if it will continue to struggle around them for some time longer before finally dropping below its support level at $25K again