As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve closely followed the recent price movements of Bitcoin (BTC). Based on the data from CoinStats and my analysis of the charts, it appears that bulls are making a comeback. The BTC/USD rate has risen by 2.23% over the past 24 hours, as indicated in the article.
Bulls are trying to come back to the game, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 2.23% over the past 24 hours.
On the hourly chart, Bitcoin’s price may have established a local resistance point at $59,516. With the majority of the daily Average True Range having been surpassed, it’s unlikely that significant price fluctuations will occur before the end of the day.
However, if the bar closes near $59,500, the ongoing upward move may continue tomorrow.
From my perspective as an analyst, I notice a comparable scenario unfolding on the larger time frame. Yesterday, sellers took control with a bearish finish. However, if buyers can regain the upper hand, we could see a challenge to the significant level of $60,000 approaching soon.
On the weekly chart, a swift Bitcoin price turnaround isn’t imminent since the cryptocurrency hasn’t gathered sufficient momentum yet. Instead, expect sideways trading around the $57,000 to $60,000 range for now.
Bitcoin is trading at $59,027 at press time.
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2024-07-11 18:37