Bitcoin’s price has been trending lower since early June, struggling to recover its all-time highs. Despite the downtrend, the bullish sentiment persists, indicating that the bull market may not be over yet, according to market analysts.
Today, BTC began trading at $64,882, marking a 2.03% decrease from its opening value. Within the last 24 hours, BTC saw a 1.5% decline, with a 10% drop observed over the preceding two weeks.
However, Trading volume has surged by 7.88% in the last 24 hours, reaching approximately $26.28 billion. This increase in volume suggests heightened trading activity despite the downward price trend, indicating significant market interest and participation.
Bitcoin Faces Resistance, Support Levels Identified
Bitcoin briefly rallied to $65,008 but encountered resistance, failing to maintain upward momentum. Key resistance levels are identified at $65,026, $66,798, and $68,743, which could serve as potential points for price increases if surpassed.
On the downside, BTC must maintain a level above $62,441 to avoid further declines. If BTC falls below this level, it could trigger the first support level at $62,441, followed by a second support level at $60,316, acting as a safety net against deeper losses.
In the past 24 hours, positions worth 29.72 million BTC were liquidated. Long positions accounted for $22.73 million, while short positions accounted for $6.99 million. Open Interest (OI) in Bitcoin has decreased by 0.23%, reflecting adjustments in market positions.
While Bitcoin faces resistance and support challenges, the increased trading volume and liquidations indicate a dynamic and active market. Investors watch the critical levels closely for signs of potential recovery or further decline.
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