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๐ Bitcoin, the world's largest cryptocurrency, is currently in a consolidation phase after hitting a new all-time high of $69,080. Notably, its key support level is closely monitored around $66,112, backed by significant transaction volume per data from on-chain analytics firm Glassnode.
๐ Technical Analysis: Expert analysis suggests that if Bitcoin fails to sustain trading above $66,112, there's a possibility of a drop to the $60,600 level. Additionally, a bullish inverted head and shoulder price action pattern is forming on Bitcoin's 4-hour chart. A breakout above $67,500 could signal a potential new all-time high.
๐ผ Market Sentiment: The ongoing consolidation and the potential pattern breakout have led to a pause in activity across the broader cryptocurrency market. Insights from CryptoQuant suggest the recent market correction on March 5, 2024, may be a necessary precursor to a bullish movement.
๐น Bitcoin Performance: Bitcoin is currently trading around $67,050, with marginal upside momentum in the past 24 hours. Over the last 7 days, it has surged over 7%, and in the last 30 days, it has seen a significant 55% increase.
๐ Market Indicators:During consolidation, the 24-hour trading volume has dropped by over 46%, standing at approximately $54.9 billion. Meanwhile, Bitcoin's market capitalization exceeds $1.3 trillion.
๐ก Market Trends: Other leading cryptocurrencies, including Ethereum, BNB, and XRP, are also experiencing price corrections post a sustained bullish momentum. Conversely, Solana's SOL has surged over 9.5% amid these market conditions.
Stay tuned for further updates on Bitcoin and the broader cryptocurrency market!
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