The most well-known digital currency in the world, Bitcoin (BTC), has succeeded in maintaining above-average resistance levels.
On the X social media site, Traider Jake Wujastyk noted that Bitcoin is still trading above the $25,157 area of the November 2022 Volume Weighted Average Price (VWAP).
Trader Scott Melker saw a “bull div confirmed” on Bitcoin’s four-hour chart, echoing this cautiously positive outlook.
For those who are new, a bullish divergence is a technical indication that predicts a future higher price movement in opposition to the current trend.
At the time of publication, according to CoinGecko statistics, the price of one bitcoin was $25,993.11 with a 24-hour trading range of $25,574.72 to $26,155.25. The market value of the virtual currency is more than $505 billion.
Despite the dip, Bitcoin remains robust
According to CryptoQuant, the network security and dependability of Bitcoin (BTC) and Ethereum (ETH) have improved despite the drop in price of these cryptocurrencies.
The assets may be cheap, according to analyst @MAC_D46035, given the increase in their intrinsic values.
BTC would need to surpass the $28,830 resistance level in order for the trend to change for the better.
