As a seasoned crypto investor with a decade of experience under my belt, I’ve seen market trends come and go, from the exhilarating highs to the nerve-wracking lows. The current situation seems like a familiar dance between bulls and bears, but I’m not too worried just yet.
The bearish trend has not arrived on the market yet, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 1.18% over the last day.
On the hourly chart, Bitcoin’s price has dropped following a misleading surge past the resistance level of $96,883. Should the bearish pressure persist, a potential challenge to the support could occur by tomorrow.
Looking at the daily chart, the primary cryptocurrency appears to be building momentum for another significant shift. Given its distance from important price points, traders may not expect dramatic increases or decreases in value.
Based on current trends, it’s likely we’ll see a range-bound trading pattern within approximately $94,000 to $97,000 for the remainder of the week.
Looking at the mid-point perspective, there’s been a decrease in volume, suggesting that Bitcoin may require some time to gather strength before making another significant move. It seems reasonable to expect consolidation within the broad range of approximately $92,000 to $98,000 in the near future.
Bitcoin is trading at $96,011 at press time.
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2024-12-04 18:20