As a seasoned researcher with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market swings – more than most people have seen roller coasters! Today, looking at the latest BTC/USD data from CoinStats, it seems that the buyers are determined to keep the Bitcoin price on an upward trajectory.
Buyers seem that they are not going to give up easily, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has risen by 1.22% since yesterday.
On an hourly timeframe, Bitcoin’s price has surged following a breach of the nearby $61,246 price point. If the daily candle ends above this level without a significant wick (long upper shadow), it suggests that the upward trend could persist over the weekend.
Looking at the longer-term perspective, the primary cryptocurrency has been experiencing continuous growth following an apparent break below its support level of $59,189, which may have been a false signal. Yet, it appears that Bitcoin could require additional time to build up strength for another significant surge.
In this case, sideways trading in the zone of $61,000-$63,000 is the more likely scenario.
On the weekly graph, Bitcoin‘s rate is currently within a broad range, with support at around $53,550 and resistance at approximately $73,794. The trading volume is decreasing, indicating neither side seems eager for a significant price swing. Consequently, traders anticipate continued price fluctuations in the region of roughly $60,000 to $66,000.
Bitcoin is trading at $61,813 at press time.
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2024-10-11 18:38