According to recent statistics from CoinmarketCap, BTC is currently priced at $65,460.73, experiencing a 2.5% decrease over the past week but showing a slight increase of 1.34% in the last 24 hours. The cryptocurrency maintains its position as the dominant digital asset in the crypto space with a market cap of over $1.28 Trillion and a circulating supply of 19,662,981 BTC, which represents 93.63% of its total supply.
BTC Data Chart (Source: CoinMarketCap)
Despite the overall decrease in trading volume by 37.11% over the past 24 hours, Bitcoin continues to dominate in terms of trading activity, with a volume of $23 billion.
Bitcoin has encountered bearish momentum over the past two weeks, with the previous weekly candle closing bearish after reaching an all-time high of $73,835. The current weekly candle is also expected to close bearish, signaling a challenging period for short-term traders. Resistance levels are identified at recent all-time highs, while support is noted at the $59,300 zone and the ascending trendline just below it. The upcoming weekly close later today, the 24th of March 2024, will provide crucial insights for determining entry, target and exit points for short-term trades.
In the daily analysis, Bitcoin's bearish trend persists, with prices experiencing downward pressure over several consecutive days. The daily candlestick opened at $63,998.87, with highs reaching $65,368.00 and lows dipping to $63,785.57 as of writing.
BTCUSD Price Chart (TradingView)
If bearish sentiment continues to dominate and bulls fail to take control, prices may test support levels at the $59,300 zone or the ascending trendline below it. The RSI indicator currently stands at 52.11, reflecting a neutral sentiment among traders.
Bitcoin is currently encountering resistance at the descending trendline in the 4-hour timeframe. The price action suggests a bearish sentiment, with potential retests of the immediate support at the head and shoulder neckline around the $61,100 zone. Further downward movement could see Bitcoin testing the ascending trendline for support.
BTCUSD 4-Hour Price Chart (TradingView)
However, if bulls manage to reverse the trend and break the descending triangle, a rally towards retesting the right shoulder of the head and shoulder pattern may occur, followed by a potential challenge of resistance at the all-time high of 73,835 zone. The RSI stands at 52.98, indicating a balanced market sentiment, while the MACD at 161.28 reflects upward momentum.
Long-term investors are advised to closely monitor Bitcoin's weekly close to gauge the market's probable behavior. With major support levels in place and the highly anticipated Bitcoin halving event scheduled for mid-April, investors should exercise patience and consider the broader market dynamics before making investment decisions. By staying informed and understanding the technical indicators, investors can navigate the current market conditions with confidence.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.