As an analyst with over two decades of experience navigating financial markets and cryptocurrencies alike, I must say the recent Bitcoin (BTC) price action presents an interesting conundrum. While the bulls have temporarily seized the initiative, as suggested by CoinStats, I’ve seen enough market twists to know that we should always expect the unexpected.
Bulls may have seized the initiative, from the midterm point of view, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 1.39% over the last day.
On the 1-hour timeframe, Bitcoin’s price has dipped following an apparent fakeout above its immediate resistance at around $98,159. Should this trend persist, it seems likely that the $96,000 area could be revisited by tomorrow.
Glancing at a longer timescale, the primary cryptocurrency is currently trading around the same level as yesterday, indicating that neither buyers nor sellers have a clear upper hand.
In this case, sideways trading in the narrow range of $95,000-$99,000 is the most likely scenario.
Looking at the midpoint of the week, it’s crucial to focus on whether the weekly bar will close below the low of the preceding candle, specifically if it falls below $92,000. If this occurs, there’s a possibility that the price could further decline towards the $88,000 area.
Bitcoin is trading $96,963 at press time.
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2024-12-10 19:06