Bitcoin (BTC) has been on the decline, with its value decreasing by 5% in the past week. The current live Bitcoin price is $65,259. 47, with a 24-hour trading volume of $20,940,264,257. This marks a 2. It has reduced by 1.2% in the last 24 hours. On June 17, 2024, Bitcoin is ranging between $65,518 and $66,992, which is a clear indication of high volatility in the market. The high trading volume and the volatile price movements are evident of the current market volatility.
The 1-hour chart shows that Bitcoin has been in a downward trend after reaching a high recently, with resistance at $66,914 and support at $65,521. High trading volume is associated with large declines, suggesting significant selling activity. Potential entry points could be identified after the confirmation of support at $65,450, in case of an upward movement with volume.
This is in line with the 4-hour timeframe, with the resistance at $70,007 and the support at $64,936. Volume analysis on this chart also shows that there is strong selling pressure, especially during the major dips. Entry considerations could be pegged on the consolidation around the $64,936 support level in conjunction with bullish reversal signals.
BTC is under pressure near key support levels
Bitcoin (BTC) is currently under pressure and is currently trading at $65,626, down 1.The daily chart shows a bearish correction after an upward move with the resistance level at $71,958 and support level at $61,322. The cryptocurrency market is showing increased volatility, which is evident from the high trading volumes during the major price swings, which shows that the market is active.
The Relative Strength Index (RSI) is at 51. 65, which means that BTC is not overbought or oversold, which gives a neutral signal. The Relative Strength Index (RSI) is 51. 65 indicates a neutral market but has a bearish inclination as the RSI is in a declining trend. The $64,229 support level is something that investors should keep their eyes on. A breach could signal that the decline is persistent, while staying above it could indicate that a reversal may be imminent.
Market Responses and Commentary
The recent decline of Bitcoin below the $66,000 mark has attracted the attention of analysts and other stakeholders including Michael Saylor, the co-founder of MicroStrategy. He regards these fluctuations as normal for such financial instruments and emphasizes the need to focus on the long-term when investing in Bitcoin.
