Oct 6, 2023: Bitcoin (BTC) experienced a minor increase of 0.24% within the last day, according to CoinStats data released on Thursday. However, the cryptocurrency continues to demonstrate a bearish momentum on an hourly chart. It broke through the latest support level at $27,560, indicating a possible decline to $27,000 if daily trading ends below this mark.
Earlier in the week, despite an initial bullish candle closure, Bitcoin couldn’t sustain its upward momentum. This led to an expected sideways movement within the $27,000-$28,000 range for the week. The weekly chart reveals low trading volume, suggesting that Bitcoin is likely consolidating without major fluctuations.
Buyers may anticipate a midterm reversal if Bitcoin can ascend and maintain a value above the $29,000 threshold. As of Thursday, Bitcoin is valued at $27,593.
Source Courtesy: Investing.com