The current price is $117,604.0 with a change of -$1,505.00 (-0.01%) from the previous close.
The highest trading level during the day is $119,198.0 and the lowest trading level during the day is $116,953.0.
Quick technical analysis of Bitcoin (BTC) over 24 hours
Current price: about $117,600, down approximately -1.3% compared to yesterday's close.
Daily range: between $116,953 as the lowest and $119,198 as the highest.
Key data and technical trend
Market status and catalysts
The market is experiencing relatively bearish pressures, driven by a correction wave after recent rises that were supported by positive news such as expectations of interest rate cuts, and hitting a new record close to $124,000 before the recent decline. (Reuters, The Economic Times, Barron's)
The decline came due to disappointing inflation data, raising fears of a delay in interest rate cuts from the Federal Reserve, on one hand, and profit-taking and imbalances in derivative positions on the other. (Barron's, The Economic Times)
Short-term technical indicators
On the four-hour chart, it shows that the price has been in an upward channel since the beginning of August, indicating the possibility of continued consolidation within this range. (Brave New Coin)
Important technical support levels are:
The 50 Simple Moving Average (50-SMA) is at about $118,753
Fibonacci correction 0.236 at $117,335
These levels may provide temporary support. (Brave New Coin)
Conclusion: Is the trend bearish or bullish?
The closest scenario: neutral to mild bearish
In light of recent price corrections and inflation data, the market seems to be swinging between the possibilities of rising and falling.
Current support at $117,000 is significant; maintaining above it may lead to continued consolidation within the upward channel.
A clear break of this support may push the price towards $115 - $114 thousand as the next stage, should selling pressures return.
Technical summary:
The trend over the next 24 hours: leaning towards mild decline or remaining within a sideways range.
All previous improvements in upward momentum have begun to retract amid external factors.
This is general information and not financial advice. For appropriate investment, please consult a licensed financial advisor.
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