As an experienced analyst, I have closely monitored the cryptocurrency market for several years. Based on the current data from CoinStats and the hourly, daily, and midterm charts of Bitcoin (BTC), it appears that bears have regained control after a brief recovery. The rate of Bitcoin has fallen by 0.32% over the last day, and the price is about to break the local support level of $64,809 on the hourly chart.
Bears have come back to the game after a slight bounce back, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 0.32% over the last day.
As a crypto investor, I’m closely monitoring the hourly chart of Bitcoin. Right now, the price is hovering around the local support level of $64,809. If this level gives way and the price falls below it, I believe there’s a good chance we could see a more significant drop in the coming hours. Specifically, I have my eyes on the $64,000 zone as a potential target for the downside move.
From my perspective as a market analyst, I observe that sellers have maintained control on the larger timeframe without any clear signs of reversal. Currently, it’s crucial to keep an eye on the intermediate resistance level at $64,000.
As a researcher studying market trends, I would observe that if the daily bar continues to decline and approaches or drops below its current level, traders might anticipate a challenge to the $63,000 mark in the near future.
As a researcher studying market trends from a midterm perspective, I would advise traders to pay close attention to the previous bar’s low price of $65,000. If the current candle closes below this level, it could be an indicator of potential downward movement towards the $60,000 to $62,000 price range.
Bitcoin is trading at $64,805 at press time.
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2024-06-20 19:09