BTC Consolidates: Technical Analysis Points to Potential Bitcoin Breakout
Bitcoin is currently trading at $63,554, having fluctuated between $62,479 and $64,687 over the past 24 hours.
Key technical indicators show mixed signals, with consolidation following resistance at $64,730. On the 1-hour chart, BTC has remained steady around $63,500 after a rejection from $64,730, suggesting weakened bullish momentum. Traders should look for potential support at $62,500 as a possible short-term entry point.
The 4-hour chart indicates similar consolidation between $63,500 and $64,000 after an earlier rally from $59,000, highlighting market uncertainty due to declining volume. Despite a broader uptrend on the daily chart, with support between $60,000 and $61,000, a breakout above $64,730 could lead to new highs around $65,000. However, caution is warranted as oscillators present mixed signals, and declining volume may hint at exhausted buying pressure. If BTC fails to break resistance, a pullback below $62,500 could target the support zone near $60,000.
Clever Robot News Desk 24th September 2024
