The Price of Bitcoin (BTC) Remains High Despite Marketwide Decline

The Price of Bitcoin (BTC) Remains High Despite Marketwide Decline 


  • Token Volume Dips 22%, Bitcoin Stabilizes at $710.58
  • BTC's Resilient Recovery
  • Educational Content Disclaimer

The market leader, Bitcoin (BTC), managed to score a modest 0.02% rise in price during the last day, despite the worldwide cryptocurrency market value declining by 1.02%. Over the previous day, BTC's dominance increased by 0.67% as well. After hitting a 24-hour high of $36,704.48, the value of Bitcoin was $36,353.79 at the time of publication.

Token Volume Dips 22%, Bitcoin Stabilizes at $710.58

In the meanwhile, the token's 24-hour trading volume dropped by about 22%, to hover at $20.06 billion. The market capitalization of Bitcoin also settled at $710.58 after its brief 24-hour increase.

BTC's Resilient Recovery

Nevertheless, the price of Bitcoin fell by 2.64% over the previous trading week. Even with the unimpressive 24-hour performance, BTC's recent triumph was still clearly visible since its weekly performance was positive by more than 28%.

BTC/USDT 4-hour chart (Source: TradingView)

Over the last 48 hours, BTC made an effort to break over the $37,500 barrier. It managed to climb as high as $37,980, but it rapidly retreated, trading down below $37,500. As a result of traders selling off their Bitcoin holdings, the market leader tested $35,600.

Bulls Maintain Key Support, Bitcoin Enters Consolidation for Potential Breakthrough
But Bulls held the crucial support level. As a result, there has been a period of consolidation in the price of Bitcoin over the last day. This stage of accumulation may be the precursor to a significant price breakthrough for bitcoin.

Bitcoin's Potential Rally

In the event that BTC makes a significant upward move in the next days, it could try to test the $37,500 barrier once again. Before taking a long position, traders and investors should wait for BTC to finish three consecutive 4-hour candles above this level. In this optimistic scenario, Bitcoin may reach $40,000.

However, a bearish breakthrough may cause the price of bitcoin to drop below $35,600. After that, if sell pressure doesn't let up, Bitcoin may drop as low as $34,050 over the course of the next several days.

Educational Content Disclaimer

Disclaimer: This page contains material that is only intended for educational and informative reasons. The article does not provide financial advice or any other kind of advise. Coin Edition disclaims all liability for any damages resulting from the use of the goods, services, or content that are referenced. Before making any decisions on the firm, readers are urged to proceed with care.


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