Bitcoin Firms at $57K as Traders Expect Higher Volatility

bitcoin

On Thursday, Bitcoin traded at a tight range of around $57,000.00 as traders expect higher options volatility, indicating sharp price movements. 

The world’s most popular cryptocurrency slightly rose 0.89% to $57,124.51 with a 24-hour change of $462.38. 

At present, it stands with a market capitalization of $1.08 trillion. It also holds a 24-hour volume of $1.21 billion with $55,909.00 low and $58,250.38 high. 

In early trading, Bitcoin traded above the $55,500.00 support zone. Then, it established a base beyond the $55,500.00 level as it attempted a recovery wave.

Correspondingly, a break formed on top of the $56,500.00 and $57,000.00 resistance levels.

In addition, there was a break beyond the major bearish trend line with resistance near $57,100.00 on the hourly chart. 

Eventually, the BTC hiked above the $57,500.00 and the 100 hourly simple moving average (SMA).

Nevertheless, it grappled to gain pace over the $58,000 level, whereas a high sat near $58,222.00, resulting in consolidation of gains.

Moreover, the bears pushed Bitcoin under the 23.6% Fibonacci retracement level of the upturn from the $55,909 low to $58,222 high. 

Subsequently, immediate support rested at the $57,500.00 level. Then, the first major support formed near the $57,000.00 level.

Accordingly, the 50.00% Fibonacci retracement level of the rising movement from the $55,909.00 low to $58,222.00 high is also near $57,000.00.

Furthermore, the next major support is close to $56,500, whereas a decline could pull Bitcoin towards the main breakdown support at $55,500.

Cryptocurrencies Mixed as Bitcoin Firmed

Furthermore, virtual coins struggled for direction as the crypto market slightly rose 0.40%.

Ethereum advanced 0.84% to $4,286.60 with a market capitalization of $504.01 billion and a 24-hour volume of $807.06 million.

It is the same with Bitcoin SV as it hiked 2.38% to $156.22. It also holds a market capitalization of  $2.95 billion with a 24-hour volume of $117.36 million. 

Inversely, Solana tumbled 4.34% to $207.25. Then, it stands with a market capitalization of $105.66 billion and a 24-hour volume of $2.30 billion.

Likewise, Ripple’s XRP sank 0.29% to $1.04 with a market capitalization of $103.60 billion and a 24-hour volume of $3.22 billion. 

Similarly, Cardano shed 1.01% to $1.66 with a market capitalization of $54.58 billion and a 24-hour volume of $332.20 million.

Then, Polkadot slumped 2.20% to $38.53 with a market capitalization of $43.11 billion and a 24-hour volume of $1.04 billion.

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