As a seasoned crypto investor with years of market ups and downs under my belt, I’ve learned to navigate the volatile seas of digital currencies with a mix of caution and optimism. Today, looking at the current state of the market, it seems we’re witnessing a bit of a lull in the Bitcoin (BTC) action. The price movement over the past day, while minimal, has me keeping a close eye on the hourly chart.
According to CoinMarketCap, most of the coins are currently within a favorable range (the green zone), but there are instances where this general trend doesn’t hold true.
BTC/USD
The price of Bitcoin (BTC) has gone up by 0.11% over the past day.
On an hourly basis, Bitcoin’s price is heading towards its nearby support level at approximately $57,751. Should the day end near this point, a potential breakout could occur, leading us towards around $57,000 in the next phase.
As a crypto investor, I keep my eyes peeled on the significant level of around $58,518 in the larger timeframe. If the closing price strays quite far from this mark, it’s unlikely that we’ll witness a swift resistance breakout, as the required momentum or energy hasn’t been sufficiently built up yet.
Looking at the mid-term perspective, buyers are making efforts to resist the selling force. But if the weekly closing price remains around $60,000, traders might not expect another significant price increase.
In this case, sideways trading in the zone of $56,000-$60,000 is the more likely scenario.
Bitcoin is trading at $57,763 at press time.
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2024-09-13 18:00