As a seasoned analyst with a decade of market experience under my belt, I’ve seen more than a few market cycles – from the dizzying heights of bull runs to the sobering depths of bear markets. Today’s red turn on the crypto market is nothing new, but it’s always a reminder to stay vigilant and adaptable.
The market has turned to red again, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 1.91% over the last 24 hours.
On the hourly graph, Bitcoin’s price is attempting to surpass the nearby barrier at approximately $94,623. Should this occur, further growth could potentially extend towards the $95,000 region before the end of the week.
On a larger time scale, the outlook appears less optimistic. Should sellers manage to push prices below the short-term zone around $94,000, there’s potential for a test of the immediate support level at approximately $92,092.
From my perspective as an analyst, a comparable scenario unfolds on the weekly chart. At present, I don’t observe any clear reversal indicators, suggesting that the current downtrend might continue for now, leaving room for further potential declines.
If the $92,000 level is broken, traders may witness a test of the $90,000 range shortly.
Bitcoin is trading at $94,544 at press time.
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2024-12-28 15:47