As a seasoned crypto investor with several years of experience under my belt, I’ve learned to read between the lines when it comes to market data. The sideways trading we’re seeing in the market right now is a familiar sight, and I’m not too concerned. Sure, the price of Bitcoin (BTC) has risen by 0.14% over the past 24 hours, but that’s just a drop in the bucket compared to what we’ve seen during this bull run.
The market is trading sideways at the end of the week, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has risen by 0.14% over the past 24 hours.
On the hourly chart, Bitcoin’s price is making an attempt to surpass the current resistance of $66,350. Should it manage to do so, a further advance toward the $66,800 region could follow shortly.
As an analyst, I’ve observed that on the daily timeframe, neither side has built up sufficient momentum to trigger a significant price movement. The declining trading volume further supports this observation.
In this case, ongoing consolidation in the zone of $66,000-$68,000 is the more likely scenario.
From a mid-term perspective, the situation looks rather uniform. The cost of Bitcoin presently deviates significantly from its support and resistance thresholds. Moreover, it’s unlikely that we will witness substantial price fluctuations in the ensuing period.
Bitcoin is trading at $66,402 at press time.
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2024-06-16 18:14