Bitcoin Traders Indecisive: After This Doji Bar, What’s Next for BTC?
Bitcoin was mildly volatile yesterday, closing as a Doji candlestick. While prices swung lower at first, the rebound meant bulls closed strongly. Even so, the long upper wick points to weakness and the likelihood of prices trickling lower in future sessions. At the time of press, buyers are upbeat, expecting bulls to pull through the chop and close higher. Conversely, if there are no supportive fundamental factors and prices plunge below immediate support levels, the trend will likely shift, backing aggressive sellers.
The state of affairs in the daily chart means Bitcoin is still in a sideways consolidation. The drop yesterday means the coin is stable in the daily and weekly time frames. Meanwhile, the average trading volume is low, at just $26 billion.
The following trending Bitcoin news are worth watching:
- Rumors of Gary Gensler being nominated to lead the Treasury Department are seen as bearish. Gensler, the current head of the United States SEC, is seen as anti-crypto. During his tenure, exchanges and multiple crypto firms have been sued for millions of dollars.
- Yesterday, Metaplanet bought $3.4 million worth of BTC, increasing their holdings. Increasingly, public companies are considering the world’s most valuable coin as they diversify their portfolio.
Bitcoin Price Analysis
BTC/USD is flat at press time.
Despite the volatility of yesterday, the coin remains within a familiar range.
Unless there is a close in either direction, conservative traders can wait on the sidelines.
A refreshing push above $63,000 at the back of rising volume could rejuvenate restive buyers angling for $72,000.
Meanwhile, any drop below $56,500, reversing gains of August 8, will weaken demand, fanning a sell-off to possible fresh Q3 2024 lows.
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