Crypto analysis: BTC price forecast, significant amount of activity on BTC network

 

In the past 24 hours, Bitcoin (BTC) has seen a slight decrease in price, trading at around $26,581.92 USD on September 24, 2023. This represents a decrease of about 4.41% from yesterday.

Despite the price decrease, trading volume has remained relatively high, with over $7.38 billion USD in BTC traded in the past 24 hours. This suggests that there is still a significant amount of interest in BTC, even in the current bear market.

Looking at the on-chain data, we can see that the number of active BTC addresses has also remained relatively high in the past 24 hours, with over 1 million active addresses recorded. This suggests that there is still a significant amount of activity on the BTC network, despite the price decrease.

Overall, the 24-hour activity of BTC suggests that there is still a significant amount of interest in and activity on the BTC network. However, the recent price decrease suggests that investors are still cautious about BTC and other cryptocurrencies in general.

BTC price analysis by Cryptocrit

Technical analysis and possibilities:

In simpler terms, Bitcoin is behaving in a way that shows it's very sensitive to changes in the market. It recently went below a key price level of $26,600, which used to be a point where it was hard to break through. But now, it seems like this price level is acting as a strong support, which means it's preventing Bitcoin from falling lower.

After dropping below $26,600, Bitcoin is now heading towards another support level at $26,300. On a chart that shows Bitcoin's price changes over four hours, it's clear that Bitcoin is now moving below its average price for the last 50 days. This is a change from its previous pattern of going up.

If this trend of Bitcoin's price going down continues, the next target for its price could be around $25,511. However, if Bitcoin manages to go above $27,000, it might start moving towards $27,500. This $27,000 level is important because it's the average price for the last 50 days, and it can determine which way the Bitcoin market goes next.