As an experienced financial analyst, I’ve seen my fair share of market volatility and price swings in various assets, including Bitcoin. Looking at the current state of the cryptocurrency market based on the data provided, it appears that we are witnessing a bearish trend for most coins, with Bitcoin leading the charge.
Most of the coins keep falling at the beginning of the week, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has declined by 4.40% over the last 24 hours.
The hourly chart indicates that Bitcoin’s hourly rate is bearing a downtrend and approaching the nearby support level at $60,580. Should the decline persist, investors may encounter a challenge around the crucial price point of $60,000.
On a larger timescale, no signs of a price reversal have emerged as of now. Should Bitcoin surpass the $60,000 mark, it’s likely that a correction towards the $56,500 support level will follow.
Such a scenario is relevant until the end of the current week.
As a researcher looking at the market from a midterm perspective, I must caution against making definitive predictions this early in the week. The market is still unfolding, and it’s essential to exercise patience and wait for more data before making distant assumptions. However, if the price action stabilizes around current levels, traders should prepare for potential support tests.
Bitcoin is trading at $61,345 at press time.
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2024-06-24 18:37