As a seasoned crypto investor with a decade of experience navigating the digital currency market, I’ve seen my fair share of bull and bear markets. The current bearish trend, as indicated by CoinStats, is not something that concerns me too much given the historical volatility in this space.
Bears are becoming more powerful, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has fallen by 0.81% over the last 24 hours.
On the hourly chart, Bitcoin’s rate appears to be leaning more towards a bearish trend than a bullish one, as it hovers close to the support level of approximately $66,789. If today’s candle closes in this area, there could potentially be a breakout, leading to a possible drop into the $66,500 price range.
Over a longer period, the primary cryptocurrency’s price is moving within a limited band. For traders to consider a potential rise further, the rate should first return to the resistance level of approximately $67,922 and hold steadily above this point.
If that happens, the rise may continue to the $69,000-$70,000 area.
As a researcher examining our data on a weekly basis, I would like to draw your attention to a crucial intermediate zone around the $70,000 mark. If we manage to breach this point, the accumulated momentum could potentially propel us towards a test of resistance at approximately $73,794.
Bitcoin is trading at $67,254 at press time.
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2024-10-17 19:08