As a seasoned cryptocurrency trader with years of experience under my belt, I’ve seen my fair share of market volatility. And right now, the situation looks grim according to the latest data from CoinMarketCap. The prices of most coins are in the red, including Bitcoin (BTC), which has taken a hit, declining by 4.29% over the last 24 hours.
The prices of most of the coins are falling, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has declined by 4.29% over the last 24 hours.
I’ve noticed on the hourly chart that Bitcoin’s price has attempted to breach the local support level of $63,722 an hourly basis. However, this breakout appears to be a false one as the rate hasn’t managed to sustain above this level. At present, it’s crucial for investors to keep a vigilant eye on the daily bar closure. Should it close significantly away from this mark, the buying pressure may take over and potentially reverse the trend.
From my perspective, the cryptocurrency’s price has rebounded above its prior trough of $63,554 on the extended time scale. Yet, it’s premature to assume a trend reversal, given that bulls haven’t gathered enough strength to stage a comeback.
It’s more reasonable to anticipate price movements at around $64,000 marking a sideways trend until we reach the end of the week.
Observing from a midpoint perspective, neither side holds the upper hand as the rate hovers around the middle ground of its broad range. It’s plausible that the market will continue to consolidate within the $62,000 to $67,000 zone during the upcoming days.
Bitcoin is trading at $64,262 at press time.
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2024-04-25 17:36