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Bullish Momentum Above $72,000
Bitcoin (BTC) continues to trade below the critical $72,000 resistance level after experiencing a dip due to strong US employment data which led to higher interest rate expectations. As of now, BTC/USD is consolidating around $69,740, showing signs of potential recovery if key resistance levels are breached.
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The price of BTC/USD has been trading within a symmetrical triangle pattern, indicating consolidation. A breakout above the $72,000 resistance level could signal a continuation of the bullish trend, potentially pushing the price towards $74,400. Conversely, a failure to break this level might result in a pullback to the $68,500 support.
The Relative Strength Index (RSI) has moved above 50, indicating a slight bullish bias. However, the market needs to watch for any divergence that could hint at a potential reversal.
Market sentiment remains cautiously optimistic. The recent inflows into Bitcoin ETFs and increased futures positions indicate strong institutional interest, which could provide the necessary push for Bitcoin to break above current resistance levels.
Traders should monitor the $72,000 resistance closely. A breakout above this level with strong volume could signal a new bullish phase for BTC/USD. Conversely, a failure to breach this resistance might result in a short-term bearish correction. Always consider using stop-loss orders to manage risks effectively.
Stay updated with the latest market trends and technical analysis to make informed trading decisions.
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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.
Trade
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