As a researcher with extensive experience in cryptocurrency markets, I’ve seen my fair share of market ups and downs. Based on the current data from CoinStats and the hourly, daily, and midterm charts, it appears that the bearish trend is once again dominating the Bitcoin (BTC) market. Over the last day, the price of BTC has dropped by 2.13%, and the rate of decline seems to be picking up steam after a failed attempt to break through the $63,000 interim resistance zone.
After a slight bounce back, the cryptocurrency market is bearish again, according to CoinStats.
BTC/USD
The rate of Bitcoin has dropped by 2.13% over the last day.
The hourly chart indicates that Bitcoin’s price is currently leaning towards a downtrend rather than an uptrend. After failing to break above the $63,000 resistance level, it has started to decline once more.
As an analyst, I would assess that if the current situation persists until the end of the day, there’s a possibility that we’ll witness a significant test of the support level by the following day.
If the chart resembles one seen on the daily timeframe, a break below the $63,136 support could signal a potential drop towards the $62,000 region in the near future.
From a midterm perspective, no signs of reversal have appeared as of yet. It’s premature to contemplate a rebound at this stage. In fact, should buyers fail to hold the $60,000 mark, there could be enough momentum for a decline toward the $55,000 zone.
Bitcoin is trading at $62,979 at press time.
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2024-04-27 19:10