The current situation of Bitcoin ($BTC ) is taking place in the context of a volatile market and is influenced by global economic factors. On August 10, 2024, the price of Bitcoin fluctuated around $60,546.87, down slightly by 1.44% in the last 24 hours.
👉 Technical analysis and price trends
1. Medium and long-term trend: Bitcoin is currently holding above its 200-day moving average, indicating solid support in the event of a price correction. However, the RSI is neutral between 30-70, indicating no clear signal of a sharp increase or decrease in price in the short term.
2. Short-term forecast: Bitcoin price is expected to fluctuate between $49,625 and $72,842 this August. Factors such as the development of the Lightning Network or the approval of a Bitcoin ETF could push the price higher.
3. Trends for the end of 2024: With signals from the upcoming "Bitcoin halving" event in 2024, many experts predict that Bitcoin price could explode by the end of the year, with a potential price of $81,125 to $90,582 in December.
👉 Price action forecast today
Bitcoin may continue to fluctuate in the $60,000 - $61,000 range today. Investors should closely monitor developments in monetary policy from central banks, as well as events related to Bitcoin ETFs to have appropriate trading strategies. The short-term forecast shows that there is a possibility of a slight correction before continuing the uptrend.
If you are considering investing or trading, please be aware of the high volatility of the market and the potential risks involved.
DYOR! #MarketDownturn $BTC
