- Bitcoin’s price rises to $61,103 despite a sharp drop in trading volume.
- Key resistance at $61,868 may challenge further gains for Bitcoin.
- Market indicators suggest neutral sentiment with potential bearish momentum.
As of press time, BTC is experiencing an upward trend, with prices reaching $61,103.45, reflecting a 0.48% price increase in the past 24 hours. Its total market capitalization now stands at $1.121 trillion, securing its position as the leading cryptocurrency by market capital valuation. Despite this increase, trading volume has seen an imminent decrease in the past day of 43.57%, amounting to $15.44 billion.
Dominance and Market Sentiment
Throughout the day, there has been some price fluctuation, as it started at an initial value of $60,830. Despite this downward pressure, the market went on to show recovery from the red zone dip, as seen in the charts, which pushed the price back to above the $61,000 mark. The price charts showcase the market’s volatility and can also be used as evidence of how different investor engagement is.
Bitcoin continues to dominate the crypto market, with its rate reaching 56.2%, which is ahead of Ethereum’s 15.0%. This shows how Bitcoin remains the top choice for many investors in the cryptocurrency market.
Source: coinmarketcap
From a more technical perspective, the chart highlights critical support at $50,009, coinciding with the 50% Fibonacci retracement. The current price action suggests a major resistance nearing the $61,868 mark, aligning with the 23.6% retracement levels. There are odds that if bitcoin fails to break this resistance, a retest of the lower support level may be expected as a possible price bounce. Consequentially, if a successful breakout occurs, it could lead to a retest of the $74,802 highs.
Source : tradingview
A period of contemplation is seen with the RSI indicator being at 47.30, suggesting that the market is neither overbought nor oversold. This indicates a more neutral sentiment among traders before any expected sentiment occurs. The MACD indicator sows a bearish crossover, with the further macd line being staged at the signal line reflecting a downward momentum. The histogram also shows the red bars, which signal bearish sentimental movement in the market. The indicator is widely famous for being a lagging indicator and may be late to show the results more quickly and conveniently.
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