Bitcoin price dropped by 1.56% in the last 24 hours, reaching $62.7K. Since the beginning of 2024, BTC withdrawals from exchanges have totaled 210,000 BTC.
Current Market Condition
Bitcoin is at a critical juncture, with its price hovering around $62,000. The current price momentum indicates a decline, down by 1.56% in the last 24 hours. Notably, BTC climbed from a low of $62,685 to a high of $64,043. During this dip, BTC’s trading volume has soared by 37.64% to $27.90 billion. As per CoinMarketCap data, at press time, BTC traded at $62,728. The BTC Fear and Greed Index stays at 48, suggesting neutral sentiment in the market. Reportedly, Bitcoin has witnessed a 24-hour liquidation of $16.67 million.
Impact of Economic Factors
The Federal Reserve's potential rate cut speculated for September could serve as a critical bullish signal for Bitcoin. According to analysis, if Bitcoin can close above $65,440, the next local top might be around $86,910.
Forecast and Prospects
Bitcoin started trading in the $60.9K range when the week began. As days progressed, the token’s price fell back to a low of $58,753. The downside pressure breaks, and BTC soars to a high of $64,879, managing to trade within the $62K range. If BTC continues to climb up and break the descending momentum near the $62.9K level, the asset will likely test the $63,576 resistance soon. However, if the BTC price fell back to the $62K mark, the nearby support level might be at $61,706. Currently, the daily relative strength index (RSI) stands at 53.64, indicating BTC’s price momentum in neutral market sentiment. Meanwhile, the short-term 9-day moving average (MA) is found at $61,984, and the long-term 21-day MA is at $60,426, below the current price.
Bitcoin is experiencing price fluctuations, necessitating careful analysis of market conditions and economic factors. Market indicators remain neutral for now, but potential changes in economic policy could influence the further price dynamics of BTC.
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