Bitcoin experienced a slight price decrease of 1.01% over the past 24 hours, settling at $63,000. According to CMC data, the cryptocurrency’s daily trading volume saw an uptick of 3.11%.
The cryptocurrency market enjoyed a bullish trend last week, delighting investors as major cryptocurrencies rebounded from their recent declines. The crypto community was further buoyed by a supportive statement from Kamala Harris, a candidate from the US Democrats.
However, Bitcoin faced a modest drop of 1.01% in its price movements over the last day. It had reached a peak of $64,745 before this decline began. Notably, during the afternoon hours in Asia on September 23, BTC started to trend downwards, approaching the $63K mark. At the time of this report, Bitcoin was priced at $63,137, as per CMC data.
Additionally, Bitcoin has exhibited heightened volatility alongside its recent bullish movement. The asset’s RVI, according to TradingView data, stands at 54.84, reflecting the increase in price fluctuations. Over the past two days, Bitcoin has been observed oscillating between the $62K and $64K ranges.
BTC/USD Daily Price Chart (Source: TradingView)
Market analyst Ali (@ali_charts) noted that Bitcoin is currently testing its 200-day SMA, which is positioned at $63,925. He suggested that a price breakout from this level could signal a significant bullish momentum for the cryptocurrency.
Despite this, Bitcoin’s short-term 9-day moving average remains above its long-term 21-day moving average, indicating the continuation of the bullish trend. However, positive momentum is essential to maintain this trajectory. Furthermore, BTC’s RSI is at 61.53, suggesting a neutral market.
How has Bitcoin’s Price Performed Over the Past Week?
Reviewing Bitcoin’s weekly price chart reveals an 8.33% increase over the past seven days. At the beginning of the week, BTC was trading as low as $58,441 but soon began to rise. Prices climbed past the $58K mark, encountering resistance at $60K.
Following the recent FED meeting, which announced interest rate cuts, BTC broke through its resistance and surged to $64K. This breakout was succeeded by the aforementioned minor price dip over the last two days.
In the meantime, leading altcoin Ethereum has also surpassed its previous resistance level of $2.5K and is now approaching its next barrier at $2,700.
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