🚨 BTC’s in a Spot of Bother! 🚨

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Good fellow, it appears the market is in a bit of a pickle, with new local lows being set left and right, according to those clever chaps at CoinMarketCap. 📉

BTC/USD: A Right Old Mess

The rate of Bitcoin (BTC) has taken a bit of a tumble, dropping by 5.11% over the last 24 hours. Oh dear, oh dear! 🤦‍♂️

Now, if we take a gander at the hourly chart, we see that the price of BTC is on the rise after a bit of a false start, if you will, at the local support of $78,764. If this upward trend continues, one might expect a test of the upper level by tomorrow. Fingers crossed, old chap! 🤞

However, if we take a step back and look at the bigger picture, there are no reversal signals just yet. Ah, but that’s not the end of the world, is it? 😊

But, if the daily bar closes with a long wick, traders might expect a local bounce back to the $86,000 zone over the weekend. A bit of a rebound, if you will. 🏀

And, from a midterm perspective, the picture is still a bit…well, bearish, to be frank. If the weekly candle closes around current prices, the fall is likely to continue to the important zone of $70,000 soon. Oh my! 😱

At the time of writing, Bitcoin is trading at $81,664. Not exactly the most thrilling news, but there you have it, old bean. 📊

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2025-02-28 17:39