As a seasoned analyst with years of experience navigating the volatile world of cryptocurrencies, I find myself observing a cautious approach to Bitcoin (BTC) at this moment. The current 1% drop since yesterday and the 3.91% weekly gain present an intriguing conundrum – one that could go either way depending on market sentiment.
Bears are trying to seize the initiative at the end of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has dropped by almost 1% since yesterday. Over the last week, the price has risen by 3.91%.
Looking at the hourly chart, Bitcoin’s price appears to have breached the nearby support level of around $62,578 temporarily, but if the day’s closing price veers significantly away from it, there’s a good chance we’ll see a rebound towards the $63,000 region.
On the bigger time frame, buyers have failed to maintain the growth.
If the bar (stock or asset) shuts down at its present levels, there’s a possibility that the price drop could extend to approximately $61,000 – $62,000 over the coming week.
On a weekly scale, Bitcoin‘s rate seems quite distant from significant thresholds. Since neither bulls nor bears have taken control yet, it appears that Bitcoin will continue to trade sideways within the range of $60,000 to $65,000 for the remainder of this month, with no clear direction predicted.
Bitcoin is trading at $62,606 at press time.
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2024-09-22 19:53