- General Market Overview
- Current State of Bitcoin
- Development Prospects
Most cryptocurrencies remain in the green zone, however, there are exceptions. Analysis shows that Bitcoin is demonstrating slight growth while returning to local support and resistance levels.
General Market Overview
Most cryptocurrencies remain in the green zone. However, some coins are showing a decline, as confirmed by CoinMarketCap data.
Current State of Bitcoin
The price of Bitcoin (BTC) has increased by 0.11% over the past day. On the hourly chart, the BTC rate is returning to local support at $57,751. If the daily candle closes around this area, a level breakout can be expected, leading to a decline to the $57,000 area.
Development Prospects
On larger time frames, the nearest level traders should pay attention to is $58,518. If the candle closes far from this level, there is a low chance of a resistance breakout shortly, as not enough energy has been accumulated yet. From a midterm perspective, bulls are trying to withstand sellers' pressure. However, if the weekly candle closes around $60,000, further upward movement is unlikely. In this case, sideways trading in the $56,000-$60,000 zone is the more likely scenario.
With the current support and resistance levels, Bitcoin's movement in the near future is likely to hover within the set parameters without significant changes.
