As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen more rollercoaster rides than most. Today, I find myself looking at Bitcoin’s price action and can’t help but feel a sense of deja vu. The bulls made a valiant attempt to hold their ground this week, but alas, they couldn’t quite close the deal.
Bulls could not hold the gained initiative until the end of the week, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.54% since yesterday. Over the last week, the price has fallen by 5.84%.
On the hourly chart, the price of Bitcoin is close to the nearby resistance point of approximately $97,248. Should a breakthrough occur, it could potentially lead to further growth towards the $98,000 region for the next day.
Over a longer period, neither party seems to have a clear advantage. The primary cryptocurrency’s value is quite distant from crucial thresholds, implying that significant sudden changes aren’t expected to occur imminently.
Looking ahead to the midterm, it’s crucial to keep an eye on the closing prices each week, specifically focusing on whether they reach or surpass the $97,092 mark.
As a researcher analyzing market trends, I’ve noticed that when the candle (a trading term for price chart patterns) moves significantly away from the $100,000 area, there might be a brief rebound or bounce back towards this region. This pattern could persist until the end of the current month.
Bitcoin is trading at $96,396 at press time.
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2024-12-22 16:42