As a seasoned crypto investor with a knack for reading market trends and a portfolio that’s seen its fair share of bull runs and bear markets, I find myself cautiously optimistic about the current Bitcoin (BTC) situation. The 5% surge since yesterday is a promising sign, but as someone who’s been around long enough to remember the infamous Bitcoin bubble of 2017, I know better than to get too carried away.
Bulls are more powerful than bears on Saturday, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has gone up by 5% since yesterday.
On the hourly chart, Bitcoin’s price is currently situated in the midpoint of a tight range bounded by support at approximately $63,676 and resistance at around $64,460. If the upward trend persists and reaches the upper boundary, it may lead to a breakthrough followed by a surge towards the $65,000 region.
In simpler terms, the current daily trade of the primary cryptocurrency is confined within yesterday’s price range. But if it manages to close above this range without a long lower shadow (indicating strong buying pressure), there could be enough momentum for a test towards the $67,000 to $69,000 price range.
As a crypto investor, I’m currently observing that, looking at the mid-term perspective, the rates haven’t yet reached significant levels. This suggests that any sudden, sharp price movements might not occur imminently.
All in all, sideways trading in the area of $63,000-$68,000 is the more likely scenario.
Bitcoin is trading at $64,167 at press time.
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2024-08-24 20:01