As an analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. While the current 1.17% increase in Bitcoin price over the last 24 hours is encouraging, I remain cautiously optimistic.
Most of the coins are facing a local bounce back, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has gone up by 1.17% over the last 24 hours.
In simpler terms, the Bitcoin price (BTC) is approaching the local resistance level of approximately $57,274 on the hourly chart. If this level is breached and the daily bar closes without a long wick (a term referring to the upper shadow or ‘wick’ of the candlestick pattern), an upward move towards $58,000 could potentially continue
On a larger scale, the outlook isn’t as optimistic. Bitcoin’s current rate is quite distant from key levels, suggesting neither bulls nor bears have a clear advantage in this market
In this case, there are low chances to expect any sharp moves by the end of the week.
Looking at the midpoint perspective, it appears that sellers hold more influence over the market compared to buyers. If this week’s candlestick ends near the current price levels, there’s a strong possibility that we may witness a test of the support level at $53,550 in the near future
Bitcoin is trading at $57,138 at press time.
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2024-09-05 18:31