As a seasoned researcher with over a decade of experience in the crypto market, I’ve seen it all – from the meteoric rise and fall of altcoins to the steady, consistent growth of Bitcoin. Today, I find myself observing a potential upward trend in BTC, which has been quite intriguing given its recent volatility.
As per CoinMarketCap’s report, the recent drop in value for these digital currencies appears to be short-lived, with the majority of them now moving back into the positive territory or “green zone.
BTC/USD
Bitcoin (BTC) is one of the biggest gainers today, rising by 5.93%.
On an hourly basis, Bitcoin’s price could be establishing a nearby resistance point at around $63,363. If today’s closing price veers significantly away from this level, it may signal an imminent price drop towards the $62,000 range.
Over a larger time period, it’s crucial to focus on where the candle closes in relation to approximately $63,236. If it approaches this level or goes beyond it, there may be potential for a breakout, leading to an increase that could potentially reach $65,000.
Looking at the midterm perspective, neither bulls nor bears appear to be in control, as Bitcoin‘s rate is yet to reach significant milestones.
If the market’s weekly closing price is close to its high, traders might encounter a challenge at the $70,000 level in the near future.
Bitcoin is trading at $62,923 at press time.
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2024-09-19 19:40