Bitcoin (BTC) Price Analysis and Prediction: Will BTC Price Rise Again?
- WBOYOriginal
- 2024-06-25 19:52:30639browse
Despite increased price volatility in the cryptocurrency market, the BTC price has continued to trade under a bearish sentiment
Bitcoin price analysis for today shows that the star token has lost 2.43 percent in valuation, and is trading at $60,779.99 at press time. Moreover, Bitcoin price has dropped 7.27 percent within the past week.
Bitcoin Price Analysis: Rising Selling Pressure, Bearish Outlook
The past 24 hours have brought a surge of 131.32 percent in BTC trading volume, while the past week’s price movements have resulted in a loss of 7.27 percent. Additionally, BTC has erased over 11.50 percent from its portfolio in the past 30 days of trading activity.
At press time, Bitcoin price trades at $60,779.99** with a **24**-hour trading volume of **$42.33 Billion. The cryptocurrency ranks first, with a market capitalization of $1.199** Trillion, and a **24**-hour high/low of **$62,900.83 and $58,601.70, respectively.
Technical analysis reveals that the MACD technical indicator displays a constant rise in the red histogram, indicating increased selling-over-buying pressure in the cryptocurrency market. Moreover, the averages show a negative trend in the 1D timeframe, highlighting a strong bearish sentiment for the BTC token. The Relative Strength Index (RSI) has recorded a sharp plunge, resulting in it plunging below the oversold range. Furthermore, the averages show a constant downtrend, suggesting the Bitcoin price will continue losing value this week.
Prices Range Bound Within Crucial Support, Resistance Levels
A bullish breakout from the crucial resistance level at $60,819.50** could lead to a gain of **11.50** percent, propelling BTC price toward its upper resistance level at **$67,775. Sustained trading at this level will set the stage for the BTC coin price to head toward its all-time high (ATH) of $73,750** in the coming time. On the other hand, a bearish breakout from the crucial support level at **$54,983.33 will see Bitcoin price plunge toward its lower support level at $48,866.76 within the upcoming weeks.
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