Bitcoin’s price surged over 8% today, marking its largest gain since March 2023. Currently trading at $59,819, up $4,666 for the day, the digital currency has experienced significant volatility over the past 10 trading days. It reached a high of $70,016 on July 29 and a low of $49,577 on Monday, a 29.19% decline over seven days.
On the hourly chart, Bitcoin is trading near the 50% midpoint of this range at $59,768, with the 200-hour moving average close by at $59,585. This area will be a crucial indicator for both buyers and sellers. Moving above the aforementioned technical levels and the natural resistance at the $60,000 level would provide buyers with added confidence. Conversely, if sellers resist at this level, we will likely see some profit-taking following today’s sharp upward move.
The price is up nicely, but key level for both buyers and sellers right here.
This article was written by Greg Michalowski at www.forexlive.com. Source