This week cryptocurrency experienced a 3.60% fluctuation, with its price moving from a daily low of $67,039.01 to a high of $69,453.94. Over this period, the price has shown volatility, but there has been a 1.14% increase over the past two weeks. Trading volume surged by 6 billion shares on the previous day, though the prices were falling. This could be an early indicator of increased risk in the short term. A total of 39 billion shares were traded, amounting to roughly $2.61 quadrillion.
Currently, the cryptocurrency is situated in the middle of a strong upward trend in the short term, with expectations for further price growth within this trend. Over the next three months, it is predicted to increase by 18.48%, with a 90% likelihood of reaching a price range between $72,321.49 and $86,615.43.
As everyone noticed that Bitcoin is showing a mixed outlook: the short-term Moving Average gives a sell signal, while the long-term Moving Average indicates a buy signal. The short-term average is above the long-term average, signaling a generally positive trend. However, the cryptocurrency faces resistance around $69,973.26 from the short-term average. On the downside, support is expected near $65,925.91 from the long-term average. A breakout above the short-term average would trigger a buy signal, while a decline below the long-term average would signal a sell.
Some negative signals have emerged, which could impact the cryptocurrency's short-term trajectory. A sell signal from a pivot top on October 29, 2024, has led to a 6.87% decline so far, with further drops anticipated until a new pivot low is established. Additionally, the 3-month MACD currently shows a sell signal. With volume increasing during the price decline, caution is advised, and the cryptocurrency should be closely monitored for potential changes.$BTC $ETH $BNB
