Bitcoin Price Experiences Healthy Consolidation Down to $26,000, Still Aims for $30,000.

Bitcoin price is currently $26,680 as bulls have managed to push BTC from $25,880. This healthy correction is not even close to posing a threat to the bulls and Bitcoin price. BTC is down around 7% since its all-time high at $28,422 but anything above $24,613 should be considered extremely healthy and positive.

The delisting of XRP from various popular exchanges like Coinbase and others which have pushed the digital asset down by more than 30% in the past 24 hours, has also dragged the entire cryptocurrency market a bit. However, Ethereum is seeing a significant rally above $700.

Bitcoin Price is at no risk of a reversal

On the daily chart, the most important support level is the 26-EMA which has been a critical level throughout this rally. The 12-EMA has also acted as a strong support point and it’s currently located at $24,612.

BTC/USD daily chart – TradingView

A breakdown below this moving average would be the first red flag, but as long as the bulls can hold the crucial 26-EMA at $22,529, the uptrend will remain intact.

In fact, a 15% dip towards the 26-EMA would be a positive move for Bitcoin price as a full-blown rally to $30,000 would create an unhealthy environment and a potential bubble which can burst harder.

The In/Out of the Money Around Price (IOMAP) chart shows very little resistance until the area between $26,694 and $26,802. On the way down, the most significant support range is located between $22,470 and $23,282 which coincides with the 26-EMA, adding more credence to this level.

According to Santiment’s statistics, the number of BTC whales has dropped significantly in the past two weeks. However, Bitcoin price continued rising which indicates demand is simply stronger than what whales are capable of selling.

The number of large holders with 1,000 – 10,000 coins dropped from 2,208 to a low of 2,134. Similarly, the number of whales with 10,000 – 100,000 coins dipped by nine. Normally, this would be concerning and a potential sign that a big correction is coming. However, this time around it seems that retail investors are extremely interested in Bitcoin.