In the last 24 hours, Bitcoin’s price trajectory has attempted a breakout at $60,000 but hasn’t been able to do so due to firm resistance around the same level.
Bitcoin has remained in the circuit between $57,000 and $59,500 in the last 24 hours. A price battle has ensued between both bulls and bears, with resistance forming at $60,000. If Bitcoin’s price trajectory overcomes it, it can rally above $60,000 within the weekend. However, a dip could take BTC below $57,000.
A monthly close above $64,000 is necessary for BTC to end August in the green. It looks difficult, but it isn’t impossible. At the same time, Bitcoin’s rally above $60,000 is also important to sustain in order for a price breakout to $70,000.
A few factors will play a role in Bitcoin’s near-term movements. Investor sentiment and speculative activity play a significant role in driving crypto prices. Periods of intense speculation can lead to rapid price increases, while negative sentiment can trigger sell-offs. Social media platforms, news outlets, and experts’ opinions can shape market sentiment.
The entry of large financial institutions into the crypto market has been a major catalyst for price increases. Investment firms, hedge funds, and even traditional banks have started to allocate a portion of their portfolios to crypto, providing a significant source of demand. This is also evident in the spot Bitcoin ETFs, which have seen billions of inflows.
BTC/USD 1D price chart
Bitcoin is currently trading at around $59,700 on August 29, 2024, with BTC/USD trading lower by a margin of around 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 59,500), as BTC’s 24-hour volume was at approximately $35 billion. The global crypto market cap decreased by around 0.2%, trading above $2.1 trillion. BTC’s year-to-date returns are above 42%.
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