Bitcoin (BTC) has seen various ups and downs over the past 24 hours. Initially, having broken the resistance at $30,614 on the daily time frame, the currency made a slight correction dropping back to the $30,315 mark. It is currently trading at $30,378.

The hourly chart for Bitcoin shows that buyers have not been able to gain control resulting in an eventual breakthrough of the $30,315 local support. A further price drop to $30,100-$30,200 is highly likely. However, if bulls are able to grab the reins, sideways trading wrapped between $29,500 - $30,500 is the probable outcome for the subsequent days.

Focusing on the midterm view, Bitcoin has established its footing above the resistance of $29,380. While it still remains above the crucial mark of $30,000, many traders remain optimistic that the coin will restart its uptrend soon. As of now, the coin is still in need of greater power if it is to sustain itself above the resistance and take off in the forthcoming days.

The volatility in the cryptocurrency market has not declined in recent days, with events such as the IOTA network attack resulting in a sudden drop in the overall price. Even so, it is proving to be a great year for Bitcoin, with its steady increase in value despite uncertainty.

To sum it up, the hour-long analysis of Bitcoin (BTC) has revealed that buyers are yet to seize control which might lead to a break in the $30,315 local support, potentially dipping it to the $30,100-$30,200 zone. In terms of the midterm view, the currency has stabilized above the resistance at $29,380 and is presently trading at $30,368. Many traders remain hopeful that it will resume its uptrend in the coming days. Adverse events in the market continue to be a threat, but Bitcoin is still managing to stay afloat and has seen impressive growth this year.



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