Bitcoin (BTC) experiences high volatility, and its prices fluctuate around the area of $112,000. Analysts are anticipating uncertainty in the market. The declines or consolidations in the short run appear probable. Nevertheless, a gradual recovery in the long term is a possibility. The trend of a market will rely on the manner in which Bitcoin acts in the future days.
As of press time, Bitcoin is trading at $112,580, a 0.52% fall compared to the previous 24 hours. The trading volume has declined by 11.07% and is currently at $48.92 billion. Bitcoin has fallen by 3.57% over the last week. This is an indication of a lack of momentum.
Source: CoinMarketCap
Crypto analyst Crypto VIP Signal highlighted that despite the recent declines, Bitcoin had recovered off a former area of support, indicating that it could recover. The resistance area is between $113,000 and $113,300. An upward surge past this mark would push the figure to a possible rebound at $115,000.
Although the price of Bitcoin is fluctuating, the rebound of the support implies that there might be a chance of a rise. Provided that Bitcoin can continue its progress and overcome resistance, it can bring new gains in the nearest future.
Source: X
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In addition, another analyst, Michael van de Poppe, mentioned that the recent price behavior of Bitcoin is encouraging. An upturn in the lows would be a good indicator. Going above the 4-hour 20 EMA would perhaps enable cryptocurrency to maintain a rally.
Source: X
According to CoinGlass data, the trading volume decreased by 3.75% to reach $80.11 billion. Open Interest has slightly increased by 0.08% to $81.78 billion. This indicates that the trading volume is not very high, yet the interest of the investor is quite steady. The BTC OI-Weighted Funding Rate is at 0.0064%, meaning that it keeps participating in the market.
Source: CoinGlass
The market situation is unstable, and analysts pay much attention to the performance of BTC. Assuming that the cryptocurrency overcomes the resistance levels, it will restore a portion of its losses. Nevertheless, the upcoming days might define whether BTC can stay in the upward trend or keep falling.
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