As a seasoned crypto investor with a few battle scars from past market swings, I find myself observing the current state of Bitcoin (BTC) with a mix of cautious optimism and a dash of skepticism. The bullish trend on most coins on Saturday is encouraging, but the stagnation in BTC’s rate leaves me somewhat puzzled.
On Saturdays, many cryptocurrencies have begun with a positive trend, but there are some exceptions noted by CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has almost not changed since yesterday.
On an hourly basis, Bitcoin’s price trend appears bearish, with its value approaching the nearby support zone at approximately $60,247. If today’s daily candlestick ends near this level, we might expect the downward movement to extend towards the $60,000 region by tomorrow.
From my analysis, maintaining a long-term perspective, I would advise keeping an eye on the significant level at approximately $62,154. If bulls manage to regain control and push the rate towards this point, the accumulated momentum could potentially propel us towards the $64,000 zone within the upcoming week.
Looking at the midpoint, Bitcoin‘s price is currently around the center of a broad range, with strong support at approximately $53,120 and notable resistance at around $73,949.
It seems that neither side has a clear advantage, so it’s expected that the price will continue to fluctuate between approximately $58,000 and $64,000 over the next few weeks, without any significant movement upwards or downwards.
Bitcoin is trading at $60,531 at press time.
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2024-08-10 20:33