As a seasoned researcher with years of experience in the cryptocurrency market, I find myself constantly intrigued by the dance between bulls and bears that characterizes Bitcoin’s behavior. Today, looking at the current state of BTC/USD, it seems we are once again at a crossroads, teetering on the edge of potential breakout or consolidation.
Sellers are getting back in the game after a few days of growth, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 2.14% over the last 24 hours.
In terms of the one-hour graph, Bitcoin’s current price falls right in the middle of its local price range. This means it’s sandwiched between the support level at approximately $58,970 and the resistance level around $59,744.
If the daily price chart’s closing point tends to be close to the top line, it might indicate an impending breakout leading to a potential rise towards or even surpassing the $60,000 mark.
Over a longer period, the primary cryptocurrency is significantly distant from crucial price points. The minimal trading activity suggests that both buyers and sellers are relatively inactive. As such, it seems plausible that the market will continue to fluctuate within the range of $59,000 to $61,000 for now.
On the weekly graph, a comparable image persists. No clear direction is prevailing, indicating a possible lack of significant price fluctuations in the near future. In summary, traders might find themselves observing a prolonged period of consolidation around the $60,000 area until the end of the month.
Bitcoin is trading at $59,328 at press time.
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2024-08-21 16:22