- Bitcoin price showed several attempts to surpass $60K in the last 24 hours.
- The cryptocurrency’s daily trading volume declined by 29.88% according to CMC data.
The cryptocurrency market is on a revival trend as prices have begun to once again reach their previous highs. However, the trend has not been linear as leading cryptocurrencies have exhibited struggles to surpass their previous resistance levels. Bitcoin, in the last 24 hours, made several unsuccessful attempts to surpass $60K.
Parallely, Ethereum also slid back to the $2.5K level after reaching trading prices above $2,600. Notably, the largest cryptocurrency, Bitcoin in the last 24 hours showed a slight price decline of 0.76%. On August 9, BTC traded at a high of $61,794 after visiting $62K momentarily, only the previous day. However, towards the Asian evening hours, the cryptocurrency slid down to a low of $59,587.
Following this, BTC showed fluctuations on Saturday as prices corrected at the $60K range. At the time of writing, the token was trading at $60,524 as per CMC data. Meanwhile, the daily trading volume showed a 29.88% decline after notable surges on August 9. On the other hand, Bitcoin’s market sentiment still shows existing selling pressures despite price recovery. This is indicated by the RSI standing at 46.73 as per TradingView reports.
Moreover, Bitcoin’s short-term 9-day MA stands above the long-term 21-day MA reporting a bearish trend caused by the recent price dip. Additionally, the US spot Bitcoin ETFs also recorded outflows in the past day according to Sosovalue data.
Will Bitcoin Experience Further Dips Before Price Breakouts?
In the past month, Bitcoin initiated several price cycles which saw the token slide down to the $50K levels. According to market analyst Ali’s recent X post, he discussed the probability of a market ‘downswing’ before prices of cryptocurrencies reach new highs. In the case of such an occurrence, Bitcoin might trade at the $50K level before retesting new highs.
Moreover, despite the recent dips Bitcoin has seen leading community members such as Micheal Saylor advocating for price breakouts in the coming months. Other market analysts have also advised traders to HODL BTC.
Finally, if the token manages to break out of its current consolidation phase, it can be expected to test new levels in the coming months.
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