As a seasoned analyst with over a decade of experience in the financial markets, I’ve seen my fair share of volatility and market corrections. This latest dip in the crypto market, as evidenced by CoinMarketCap, is no exception.
The correction continues on the crypto market, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has dropped by 3.06% over the last 24 hours.
On an hourly timeframe, Bitcoin’s price trend appears optimistic. Should the daily closing price surpass the current resistance at approximately $59,021, a potential upward movement could challenge the $60,000 price range in the near future.
On a day-by-day basis, the primary cryptocurrency has rebounded from its support level at $57,615 yet again. At this point, it might be premature to anticipate an immediate turnaround.
In simpler terms, if the bar (market) ends trading near its current prices, it’s more probable that the price will move sideways or fluctuate within the range of approximately $58,000 to $60,000 in the near future.
Looking at the midpoint, the situation appears rather consistent. The Bitcoin rate remains distant from crucial stages, suggesting that significant sudden shifts may not occur imminently.
Bitcoin is trading at $59,320 at press time.
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2024-08-15 17:53