With a jump of 2.20% within the past day, the price of Bitcoin has recorded a high of $59,976 today. Moreover, amid increased bullish action, the star crypto has recorded a trading volume of $30.856 Billion.
With this, people are curious about the recent Bitcoin price surge. Speculations such as increased whale/institutional activities, and the upcoming FOMC meeting are considered to be the prime reasons as per some reports.
Amid rising FOMO in the crypto market, our dedicated analysts have written a detailed article uncovering the market sentiments, price analysis, and possible short-term price action of the largest cryptocurrency by market capitalization.
After trading under a negative influence for a brief period, the Bitcoin price has surged over 10% within the past seven days. This has resulted in the market leader breaking out of its important resistance level of $58K and heading toward its important psychological level of $60,000.
During the late Asian trading hours, the BTC price added 3.38%, from $57,662 to $59,605. Moreover, with the recent bullish action, it has successfully retested its important resistance/support zone around the $58,000 level.
The Moving Average Convergence Divergence (MACD) has recorded a rising green histogram with a bullish convergence in its 1D time frame. This highlights increased bullish action for the crypto token in the market.
Further, the EMA 50/200-day has started stabilizing by recording a neutral price trend. However, the 50-day shows a potential bullish reversal, suggesting a positive outlook in the coming time.
If the market continues to gain momentum, the BTC crypto price will retest its resistance level of $60,178. Maintaining the price at that level will set the stage for Bitcoin to head toward its upper resistance level of $66,726 during the upcoming weeks.
On the flip side, if a trend reversal occurs, it will retest its support trendline of $58,000. Failing to hold its price at that level could result in it plunging toward its lower support level of $55,000 this month.
Also read, Bitcoin Price Prediction 2024 – 2030
Bitwise Asset Management filed amended S-1 registration statements with the United States Securities and Exchange…
Bitcoin (BTC) price has experienced heightened resistance around $108k in the past few days amid…
XRP’s Setup Signals Breakout Potential XRP is showing strong recovery signs as analysts project a…
Kaanch is fast becoming one of the outstanding tokens in Crypto X which is attracting…
Avalanche took the crypto world by storm with its ability to deliver scalable and efficient…
Ethereum staking has grown from a niche activity into a foundational element of the blockchain…