Bitcoin's Price Action Around $61K Could Determine Its Next Move According to CryptoPotato, Bitcoin's price action around the critical 100-day moving average at $61K could dictate its next decisive move. After a modest bullish rebound from the substantial $59K support level, Bitcoin encountered selling pressure, retracing back to this pivotal juncture. The cryptocurrency has been in an extended sideways consolidation phase near the pivotal $60K price range. A sudden decline below the critical $59K level could trigger another notable downward movement toward the $56K threshold. However, this pivotal juncture also holds the potential to halt further downward pressures and provide mid-term support. Analysis of the 4-hour chart reveals heightened buying pressure near the critical $58K mark, resulting in a bullish surge toward the $66K threshold. However, increased selling pressure around $66K led to a noticeable downtrend, bringing the price back to the crucial $60K support region. Sellers are currently attempting to push the price below the significant $60K support level and the lower boundary of the wedge. If successful, it could signify a more sustained bearish phase, targeting the critical $56K support region. The Supply-in Profit (%) metric, representing the proportion of Bitcoin’s supply-in profit, has recently surged to its highest levels, indicating that many participants may be considering realizing profits, potentially leading to increased selling pressure. Historically, such elevated levels have often preceded market volatility and potential downturns as holders begin to liquidate their positions. However, despite a notable decline in the metric, the price has only undergone slight consolidation, suggesting that the recent decline might be a corrective movement triggered by profit realization. It’s plausible that once the correction stage concludes, the price will likely initiate a fresh, impulsive surge. #BTC🔥🔥🔥🔥🔥 #BTC_MARKET_UPDATE #BinanceLaunchpool $BTC $ETH $BNB
Bitcoin current analysis Bitcoin's current scenario shows it trading at $BTC 58,739 on the 4-hour chart. Currently, BTC dominance is at 52.2%, RSI is at 48, 24 hour high is $59,575 and lowest is $56,911and the total market cap stands at 2.22T with a 0.04% increase over the last day.
Bitcoin's current situation shows it at $56,500 and $50,500 strong support levels (meaning there are buyers here). Bitcoin's resistance levels are at $64,800 and $60,400 (indicating sellers are present, leading to Bitcoin sales). According to this market update, it is essential to adjust your plan accordingly. Now, you have to decide what to do with your funds.
It is essential to manage your trades according to this market update. Crypto Currency market is highly volatile any one can do the analysis and based on that we can do we manage our trades as per our funds. No one can predict exact trades movement. It is very risk to trade with high leverage and manage your trades as per your funds if you are going for future trading only use less then 1 % of your funds and it is very important to add stop loss and Take profit. Never trade with out SL and TP. It is said that something is better than nothing. Do your trades as per market situation and coin situation. Don’t take high leverage like gambling. If you like our Analysis then press like and comment. If you like more shares and tips are more then welcome. #BTC #ScamRiskWarning #BullorBear #Bitcoin❗️ #BinanceLaunchpool $BTC $ETH