As of October 3, 2024, Bitcoin (BTC) is trading around $61,000. BTC has seen volatility over recent weeks, with price movements influenced by macroeconomic factors and market sentiment. The dominance of BTC remains strong at over 57%, indicating that Bitcoin is still a preferred asset in the crypto space.
Strategy for the Current Market:
1. Range Trading: Given the relative stability around the $61,000 mark, you could adopt a range-bound strategy. This involves buying near support levels (e.g., $58,000) and selling near resistance levels (e.g., $64,000). By leveraging these technical zones, you could capitalize on short-term price movements.
2. Dollar-Cost Averaging (DCA): For long-term investors, DCA remains a solid strategy. Instead of trying to time the market, you can regularly buy a fixed amount of BTC, reducing the risk associated with large market swings and gradually building your position.
3. Leverage Halving Effects: With Bitcoinâs halving event completed in April 2024, supply-side factors could gradually increase BTC's price. Positioning yourself now could yield significant returns if market conditions turn favorable in the coming months.
These strategies can be customized based on your risk tolerance and goals.
