The price of Bitcoin today has fallen 5.34% in the past 24 hours by trading at the trading level of $ 56,762 before rising again to the trading level of $ 57,888.70 at the time of writing. Even so, BTC’s daily trading volume continued to increase in opposition to price movements. Total market value in the same period has decreased by 5.04% to $ 1.07 trillion in the same period.
This carries an indication that the crypto market continues to face price corrections. Bitcoin has fallen 18.25% from an all -time high (ATH) reached on November 10 which was at a trading level of $ 69,000 to the current price of around $ 57,000.
Market players continue to focus on the nearest resistance level which is at the $ 57,500 level. Overcoming this barrier level is something important, if it is not a ‘fake breakout’ then it is able to give a ray of hope that there is potential for the BTC price to recover.
To confirm that the BTC price is really capable of recovering from the price correction is at the resistance level of $ 58,941. Passing this resistance level could push BTC to the all -time high of $ 71,075 which is the target.
The RSI indication indicates that there are signs of oversold indicating a reversal of the trend confirming the optimistic outlook for BTC.
The recent fall in prices was fueled by several negative reports coming from China and the United States. Both countries are actively suppressing the growing crypto industry.
At this point market players are focusing more on the BTC trading price level at $ 58,941 as failure to break this barrier level will lead to a fall to the support level of $ 55,134.
