As a researcher with extensive experience in the cryptocurrency market, I’ve grown accustomed to the volatility that comes with it. The bearish trend currently dominating the market, as indicated by CoinMarketCap and the 2.24% drop in Bitcoin (BTC) over the last 24 hours, is nothing new. However, the hourly chart presents a bullish outlook for BTC, with a potential breakout of the resistance at $55,954. This could lead to a test of the $57,000 zone tomorrow, providing a glimmer of hope for investors.
The bearish trend continues on the cryptocurrency market, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has fallen by 2.24% over the last 24 hours.
Although the price of Bitcoin decreased today, its hourly chart indicates a bullish trend. If the resistance at $55,954 is surpassed, it’s possible that we will encounter the $57,000 region tomorrow.
Regarding longer-term perspective, keep an eye on the candle’s closing price in relation to the support level at $53,120. Deviating significantly from this level could lead to a brief rebound towards the $58,000 area before the week concludes.
As a crypto investor, I’m keeping an eye on Bitcoin‘s mid-term trend. Right now, the price is hovering near a key support level. If we end the weekly chart around current prices, it might give us the necessary push to break below the crucial $50,000 zone. This could lead to further price drops.
Bitcoin is trading at $55,389 at press time.
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2024-07-05 18:41