Bitcoin price has seen a slight recovery over the past 24-hours after bullish trading activities. This uptick follows a period of volatility over the past few days, where the cryptocurrency's price fluctuated significantly. Bitcoin price has experienced a slight adjustment in the last 24 hours, with a minor 0.40% increase, settling at $63,511.
Despite this modest gain, the market capitalization remains robust at approximately $1.25 trillion, securing its number one rank in market capitalization among cryptocurrencies. Trading activity has surged, as indicated by the 11.03% increase in trading volume, amounting to nearly $39.15 billion in the last 24 hours. This rise suggests a significant level of trader interest and market liquidity.
Over the past week, Bitcoin has seen a decrease of more than 8.55%, indicating bearish pressure. BTC price has been trading in a range bound of $62,000- $70,000, with bullish and bearish pressure struggling to take a lead in the market. However, with the current recovery trend showing resilience, there is cautious optimism among investors.
With the Bitcoin halving event looming this week, investors across the cryptocurrency space are closely monitoring market dynamics, anticipating potential significant price movements. Historically, such halving events have acted as catalysts for pronounced shifts in Bitcoin's price trajectory. As the market awaits this pivotal event, the resilience shown in the current recovery trend instills cautious optimism among investors.
The immediate support level lies at around $63,000, which, if held, could serve as a platform for Bitcoin to stabilize and attempt a recovery back toward the upper levels of its recent range. If bullish pressure is significant, Bitcoin could target the next key resistance level at $68,000.
A successful break above this resistance could open the door for a move towards $70,000 and potentially higher before BTC halving. However, On the flip side, a drop below the $62,000 support could trigger further declines, testing the next psychological barrier near the $60,000 mark.
Crypto analyst Ali Martinez has recently expressed a pessimistic perspective on Bitcoin. He suggests that failing to surpass the $62,000 mark could lead Bitcoin to a downward spiral, with the next target being the $51,500 resistance zone.
His analysis is based on the Unspent Transaction Output Realized Price Distribution (URPD) metric, highlighting $62,000 as a pivotal support level. Should Bitcoin not maintain this, the demand could shift significantly lower to around $51,500.
Conversely, Martinez also offers a glimmer of hope. A rebound above $66,250 might indicate a bullish trend is on the horizon, signaling strength in Bitcoin's market positioning.
The daily technical indicators for Bitcoin present a mix of signals as the cryptocurrency continues to experience volatility. The Bollinger Bands show a significant range, indicating potential volatility in the price movement.
BTC/USD price chart: Tradingview
The upper Bollinger Band is currently at $73,037, suggesting a level of resistance in the short term, while the lower Bollinger Band sits at $62,531, potentially serving as a support level. Meanwhile, the Relative Strength Index (RSI) is at 42.37. This value places Bitcoin's market momentum just below the midline of 50 on the RSI scale, indicating a neutral market.
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