The cryptocurrency market experienced a short-term downturn but has rebounded to positive territory, according to CoinMarketCap. Bitcoin’s price saw an impressive gain of nearly 4% over the past day, as illustrated in the chart provided by U.Today. 📈
**Hourly Chart Analysis:** The hourly chart suggests Bitcoin is approaching a resistance level around $80,768. If this daily bar closes at or near this mark, a potential breakout could follow, leading to tests of the $82,000 mark.
**Longer Time Frame Insights:** Currently, Bitcoin’s price remains relatively unanchored in its longer-term movement. Instead, traders should pay close attention to the closing candle for insights.
**Potential Scenarios:** If a long wick forms on the hourly chart, it could signal continued downward pressure towards the $78,000 zone.
**Mid-Term Outlook:** Short-term predictions are premature. However, if the weekly bar closes well away from support levels, there is potential for a resurgence to the $82,000-$85,000 region.
Bitcoin currently trades at $79,940 as of press time.
Read the full article on U.Today.