Analysis of the Bitcoin Market Over The Last 24 Hours

Over the last 24 hours, the entire crypto market has seen a slight upward movement and Bitcoin has been the leading with prices hovering around $60,500 to $61,000 as of the time this report was written. The movement of the price of Bitcoin represents a modest gain in the entire crypto market with an increase of 0.79%.

Coinmarketcap

Looking at the line chart of the price of Bitcoin as gotten from coinmarketcap and that of the chart of Tradingview you will see that before the price of Bitcoin dropped down to $60,500 it hit (reached) $61,000 which stands as the current high and resistance level.

Tradingview

The recent price action of Bitcoin reflects a generally bullish market sentiment, in the entire crypto market we do believe such a movement is driven by the expectations of favorable macroeconomic conditions, in regards to the response of the upcoming decisions from the Federal Reserve.

Tradingview

However, looking at the Bolinger bands indicator we can see some signs of volatility, with the price of Bitcoin touching the upper band, which is a sign of a potential retracement that is likely to occur soonest. As said earlier, the resistance levels of the price of Bitcoin are seen around $61,300 with a level of around $58,100.

Tradingview

Although the trading volume of Bitcoin is still high when looked at from coinmarketcap, the Relative Strength Index indicates neutral market conditions.

---

Disclaimer

The price of Bitcoin is determined by the market force which involves the decision of buyers and sellers and factors like macroeconomic, particularly investors sentiments regarding the entire crypto market and interest rate decisions. Please only take this post as educational content and not as investment advice.