As a seasoned crypto investor with a few years under my belt, I’ve learned to keep an eye on market trends and price movements. Today’s news that buyers have regained the upper hand over sellers, as evidenced by a 1.70% increase in Bitcoin’s rate since yesterday and a 4.48% rise over the last week, is certainly welcome news. However, I remain cautious as bulls are having trouble holding onto their gains today.
On the final day of the trading week, it is CoinMarketCap’s observation that buyers hold the upper hand over sellers.
BTC/USD
Bitcoin’s price has grown by 1.7 percent within the past day. In the last week, this cryptocurrency has experienced a price hike of 4.48 percent.
Even though bulls have made significant gains today, they are struggling to maintain control. If conditions don’t improve before the close, a challenge of the $59,000 mark is likely for the next day.
Looking at the larger time scale, Bitcoin’s rate has rebounded from the resistance level of $60,430. If the daily bar ends significantly away from this level and under the crucial zone of $60,000, there is a possibility for a correction towards the $58,000-$58,500 range next week.
Looking at the mid-term perspective, the weekly candlestick is on the verge of closing with a bullish signal. Nevertheless, the price lacks sufficient momentum to trigger a full-blown bull market rally at this time.
In this case, consolidation in the zone of $58,000-$60,000 is the more likely scenario.
Bitcoin is trading at $59,729 at press time.
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2024-07-14 17:27