Bitcoin's price increased to $59,511 marking an 8% increase from the previous day.
Market analysis shows Bitcoin testing essential resistance levels around $60,000.
Technical indicators suggest a potential price Come back and continue the bullish trend.
Bitcoin (BTC) has experienced a major price increase over the past day, reaching a price of $59,511.56. This marks a price increase of 5.95%, which indicates a strong positive trajectory in the crypto currency market.
Bitcoin Market Cap Nears $1.17 Trillion Despite the High Market Fluidity.
Currently, bitcoin has a market capitalization of $1.17 trillion, a 5.95% rise in value over the past day. However, the 24-hour trading volume has improved by 2.98%, reaching $42.59 billion, which is an signal of high investor interest and market flexibility. Despite this rise, the weekly market has seen a strong bearish sentimental movement, as evidenced by its price withdraw of 5.23%. Through this speculation, it is right to conclude that the market can be highly unstable.
Source: coinmarketcap
In the 24-hour above chart, bitcoin has seen an initial dip opening at $56,110 and went on to reach a support level of $55,000 by this early morning. Around 4.00 a.m., Bitcoin had a price recovery followed by a sharp rise to its current level of $59,511. Despite this overall rise in the market, the weekly date is highly bearish, as its initial price was $62k, falling to $59.65k. This marks a high price difference of $3k, which showcases the imminent price fluctuations in the market.
Bitcoin Potentially Gains More as It Probes the Key Resistance at $59,511
Moving forward to the technical analysis of the market price charts, Bitcoin has been witnessing different price movements, with its current price reaching $59,511.56 on August 8, 2024. This represents an 8% increase since the previous day.
Source: Trading view
The price movements can be best analyzed using the Elliot triangle wave, as point D presents a price decline of $50,000 in late July, marking another crucial support level. But when the market reached point E, it rebounded from the previous support level to reach its current price.
Speculating from the technical indicators, RSI is currently staged at a consolidation phase, indicating a neutral zone of 46.75, which is slightly above the previous close of 44.68. The market is neither overbought nor oversold, but since the signal line and the RSI line are ointing upward at the end, a potential reversal is expected. However, the MACD line and the signal line are both at -1,084 and -651, respectively, which suggests a potential price revision and recovery. The lagging indicator MACD's histogram's red bars are fading, which shows a price rebound is about.
The current price action suggests that Bitcoin is testing critical resistance levels. A successful break above the $60,000 mark could signal a continuation of the bullish trend, potentially reversing the previous highs around $70,000 and $74,802. Consequentially, its failure to break this resistance could lead to a retest of support levels around $50,000 and $38,577.
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