As a seasoned analyst with over two decades of experience in the financial markets under my belt, I’ve seen enough market cycles to know that patience is the name of the game when it comes to trading Bitcoin.
Buyers are controlling the initiative at the beginning of the weekend, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 1.18% over the last 24 hours.
On an hourly timeframe, Bitcoin’s price appears to have encountered a nearby resistance point at approximately $62,308. Should today’s closing price veer significantly away from this level, a drop toward the $62,000 region could be imminent.
Over a longer timescale, keep an eye on potential bar closures. If they occur around or above the $62,350 mark, there’s a possibility that the price could rise towards $63,000 – $64,000 in the coming week.
On a weekly basis, neither bulls nor bears seem to have the upper hand, with Bitcoin‘s price hovering around the midpoint of its broad range. This observation aligns with the decreasing trading volume as well.
In this case, ongoing sideways trading in the area of $60,000-$66,000 is the more likely scenario.
Bitcoin is trading at $62,239 at press time.
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2024-10-05 17:34