As a seasoned cryptocurrency researcher with over a decade of experience navigating the volatile world of digital assets, I find myself cautiously optimistic about the current state of Bitcoin (BTC). With my finger always on the pulse of market trends, I’ve learned that even the slightest shifts can have profound implications for investors.
In this instance, the 2.2% increase in BTC over the past 24 hours has caught my attention, as it suggests a potential bullish momentum. The price breaking through the local resistance of $94,532 on the hourly chart is an encouraging sign, and if the daily bar closes far from it, we might see a test of the $97,000 area by New Year’s Day.
However, I remain wary about the bigger time frame. The repeated bounce-off of the support at $91,760 hints at underlying resistance that could stifle any potential growth. The declining volume is another cause for concern, as it suggests neither side has seized the initiative, and we may not see any sharp moves in the short term.
From my perspective, I would advise investors to approach this market with caution, keeping an eye on key support and resistance levels while maintaining a well-diversified portfolio. As always, remember that investing in cryptocurrencies carries inherent risks, so never risk more than you’re willing to lose!
Oh, and as they say in the world of crypto: “Don’t invest what you can’t afford to ‘lose-key,’ because in this market, even the most seasoned investors can find themselves mining for their fortunes!”
The market is neither bearish nor bullish at the very end of the year, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has gone up by 2.2% over the last 24 hours.
On an hourly basis, Bitcoin’s price is piercing through the nearby barrier at approximately $94,532. If today’s daily bar ends significantly away from this level, there could be an opportunity for a revisit to around $97,000 by January 1st.
Looking at a larger time perspective, Bitcoin’s rate has rebounded from its support level at approximately $91,760. If the closing price remains around $96,000, traders might anticipate further growth towards the $98,000 region in the near future.
From the midterm point of view, the picture is less positive.
The sound level continues to decrease, indicating that neither side has taken control, and it’s unlikely we’ll witness any significant changes soon.
Bitcoin is trading at $95,422 at press time.
Read More
- USD MXN PREDICTION
- RSR PREDICTION. RSR cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
- NTRN PREDICTION. NTRN cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
2024-12-31 17:12