As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen more market swings than I care to remember. Today, looking at the current state of the market, I find myself standing at a familiar crossroads – the red zone on CoinMarketCap.
As an analyst, I’ve noticed a halt in the growth trend, with the majority of cryptocurrencies returning to the red zone, as per CoinMarketCap data.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 2.3% over the last 24 hours.
On the 1-hour scale, Bitcoin’s price appears to be trending towards its nearby support zone at approximately $58,688. Should the day’s closing price hover around this value, a potential further decline toward the $58,000 region may ensue.
On the bigger time frame, neither buyers nor sellers are dominating.
As an analyst, I foresee a continued range-bound movement for the asset within the price range of $58,000 to $61,000 over the remainder of this week, unless new factors emerge that could potentially influence its trajectory.
Looking from a midterm perspective, it is advisable to focus on whether the weekly candles close beneath the $58,000 level. If they do, traders might observe a potential decline towards the $54,000 price range.
Bitcoin is trading at $59,112 at press time.
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2024-08-30 18:49