Bitcoin Volatility: Will Traders See Increased Price Swings in the Near Future?
Stay informed about the current state of Bitcoin and its potential for increased price swings. Find out how the market is trading and what levels to watch out for.
Posted 10 months ago in Bitcoin
Bitcoin Volatility: Will Traders See Increased Price Swings in the Near Future?
The cryptocurrency market is currently experiencing a period of sideways trading, but will this soon be replaced by increased volatility for Bitcoin (BTC)? According to CoinStats, the price of Bitcoin has seen a slight increase of 0.65% in the last 24 hours.
On the hourly time frame, Bitcoin is currently trading closer to the support level than the resistance level. If the price remains below the $26,000 zone and fails to move back above it, there is a high chance that a test of the $25,652 level could occur soon. Bulls were unable to sustain their upward momentum from yesterday, allowing sellers to maintain control on the daily chart.
If today's candle closes below the previous bar low, it could serve as a catalyst for a support breakout and potentially trigger a decline to the $25,000 range in the coming days. Despite this short-term uncertainty, the weekly time frame offers a more positive outlook, with a possible upward move on the horizon. However, it is too early to make any definitive predictions, as sideways trading between $25,500 and $26,500 is the more likely scenario until the end of the month.
At the time of writing, Bitcoin is currently trading at $25,846.
Last updated 9/9/2023, 2:28:09 AM
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