As a seasoned crypto investor with years of experience under my belt, I’ve learned to read the market trends and interpret the data provided by various sources. The latest report from CoinMarketCap about Bitcoin (BTC) taking a bearish turn is concerning, but not entirely unexpected given the volatile nature of the market.
Bears have seized the initiative on the last day of the week, according to CoinMarketCap.
BTC/USD
In simpler terms, the cost of a Bitcoin (BTC) unit dropped by approximately 0.2% compared to the previous day. However, over the past week, its value increased by nearly 10%.
On the hourly chart, Bitcoin’s price appears bearish as it approaches the supportive level of $66,853. Should current trends persist until the end of the trading day, a potential breakdown and subsequent drop to around $66,500 may occur.
As a crypto investor, I’ve noticed that the price of the main cryptocurrency appeared to break through the resistance level at $67,482 on the larger time frame. However, if the current candle closes near its bottom, there’s a possibility that the price may drop down to around $66,000 in the upcoming week.
A better situation is on the weekly time frame. The bar is about to close near the $66,900 level.
Should bulls successfully maintain control, the built-up momentum could potentially propel prices toward $70,000.
Bitcoin is trading at $66,863 at press time.
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2024-05-19 17:53