- Cryptocurrency market cap down 1.02%; Bitcoin (BTC) price slightly up 0.02%.
- Bitcoin’s 24-hour trading volume drops over 22%, market cap at $710.58 billion.
- BTC’s value decreased by 2.64% over the last week, despite recent gains.
Over the last 24 hours, the total market capitalization of cryptocurrencies worldwide decreased by 1.02%, yet Bitcoin
During the same period, the cryptocurrency’s trading volume over 24 hours experienced a decline exceeding 22%, resulting in a figure of approximately $20.06 billion. Additionally, the market capitalization of BTC concluded at $710.58 billion, following a minor increase within the same 24-hour timeframe.
In the last seven days of market activity, the value of BTC fell by 2.64%. Although its performance over the past day was not impressive, BTC’s price increase of more than 28% over the week clearly showed its recent positive trend.
Over the last two days, BTC tried to surpass the resistance level at $37,500. It peaked at $37,980 but soon retreated to a position under the $37,500 threshold. Following this, traders began to sell their BTC assets, which led to the dominant cryptocurrency dipping to the $35,600 level.
Supporters of the bullish trend successfully protected the crucial support level. Consequently, BTC’s price entered a period of stabilization that has persisted for the last 24 hours. This phase of gathering strength may be setting the stage for a significant surge in BTC’s price.
If BTC begins a significant upward trend in the coming days, it might try to surpass the resistance level of $37,500. At that juncture, traders and investors should look for BTC to finish three successive 4-hour candles beyond that level before initiating a long trade. Should this optimistic situation unfold, BTC could ascend towards the $40,000 mark.
Conversely, if a downward breakout occurs, it could result in the price of BTC dropping beneath $35,600. Subsequently, persistent selling momentum might drive BTC’s price down to $34,050 over the next few days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
