As Bitcoin experiences a significant dip, top traders on Binance are seizing the opportunity to go long. As per Ali Martinez, a top analyst, nearly 70% of these traders are betting on Bitcoin’s rebound. The price of Bitcoin at press time is $64,632.23, reflecting a 2.31% drop over the past 24 hours. This dip brings Bitcoin closer to key support levels, making it a crucial moment for potential buyers.
Bitcoin has recently fluctuated between highs and lows. The highest price on the chart peaked around $69,000, while the lowest reached approximately $59,800. These fluctuations underscore the volatility of Bitcoin, which traders are now navigating with increasing precision.
Further noted by Crypto Tony, an analyst, the primary support level, around $63,000, has demonstrated strong resilience, being tested multiple times. This level could serve as a critical juncture for the cryptocurrency.
If Bitcoin manages to hold above this support level on a daily closure, it might signal a good entry point for buyers. Conversely, if this support fails, secondary support around $61,000 might come into play. This secondary level also shows substantial buying interest, which could stabilize the price if the primary support breaks.
MtGox Rehabilitation Trustee Continues Repayments in Bitcoin and Bitcoin CashResistance levels are equally important in understanding Bitcoin’s price action. The primary resistance is positioned around $67,000. This level has been a significant hurdle, showing considerable selling pressure.
A successful breach of this resistance could indicate a bullish trend. Additionally, the secondary resistance at $65,000 has also seen some selling activity. This level might act as a barrier before reaching the primary resistance.
Currently, Bitcoin’s 1-week Relative Strength Index (RSI) stands at 55.28. This reading suggests that Bitcoin is neither overbought nor oversold. The RSI indicates a balanced market, providing traders with a clearer view of potential market movements. Furthermore, the 1-week Moving Average Convergence Divergence (MACD) is trading below the signal line.
