Bitcoin, the biggest cryptocurrency in the world by market size, has been trading in a tight range this past week. As of April 6th, 2024, its price is about $68,978.01. It’s slightly up by 1.29% in the last day, based on CoinmarketCap’s data.
Bitcoin continues to lead, holding a market value of over $1.3 trillion. This keeps it at the top spot in the cryptocurrency world. The trading volume in the last 24 hours is $27.8 billion, which is 26% less than usual, but this drop is expected on weekends. Still, BTC is second in trading volume in the crypto market.
There are now 19,674,750 BTC in circulation, which is 93.69% of its total possible supply of 21,000,100 BTC.
Weekly Bitcoin Analysis- A Chance to Buy More?
Looking closer at Bitcoin’s weekly price movements, it seems to be in a downtrend, trading in a zone between $59,230 and $53,003. Experts think this area is good for buying more Bitcoin, expecting a dip. If prices drop, it could be a chance to buy at these lower prices.
Some think Bitcoin might drop below $60,100 to adjust for market trends before possibly climbing back up to its highest price of $73,845. It’s not unusual to see prices drop before a halving event, when the amount of Bitcoin mined gets cut in half.
Daily Chart: Bitcoin’s Uncertain Path
On the daily chart, Bitcoin’s direction isn’t clear. It’s stuck between its highest ever price and the $60,781 level. If it goes above its high and then drops, it might mean prices will fall in the short term.
If there’s more buying, it might keep going up. If it closes above $69,000, it could try for the high again or even reach up to $75,050.
With the Bitcoin halving event coming up, experts think the market will have small chances to “buy the dip” in an overall upward trend.
