Source

Bitcoin

<ul>
 <li>Bitcoin's price rises to $61,103 despite a sharp drop in trading volume.&nbsp;&nbsp;</li>  
 <li>Key resistance at $61,868 may challenge further gains for Bitcoin.&nbsp;&nbsp;</li>  
 <li><a href="https://cryptonewsland.com/bank-of-japan-stops-interest-hikes-amid-ongoing-market-volatility/" target="_blank" rel="noopener noreferrer nofollow">Market</a> indicators suggest neutral sentiment with potential bearish momentum.</li> 
</ul>  
As of press time, BTC is experiencing an upward trend, with prices reaching $61,103.45, reflecting a 0.48% price increase in the past 24 hours. Its total market capitalization now stands at $1.121 trillion, securing its position as the leading cryptocurrency by market capital valuation. Despite this increase, trading volume has seen an imminent decrease in the past day of 43.57%, amounting to $15.44 billion.  
<h2 class="wp-block-heading" id="h-dominance-and-market-sentiment">Dominance and Market Sentiment</h2>  
Throughout the day, there has been some price fluctuation, as it started at an initial value of $60,830. Despite this downward pressure, the market went on to show recovery&nbsp; from the red zone dip, as seen in the charts, which pushed the price back to above the $61,000 mark. The price charts showcase the market's volatility and can also be used as evidence of how different investor engagement is.  
<a href="https://cryptonewsland.com/morgan-stanley-wealth-advisors-can-now-offer-bitcoin-etfs-to-clients/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin </a>continues to dominate the crypto market, with its rate reaching 56.2%, which is ahead of Ethereum's 15.0%. This shows how&nbsp; Bitcoin remains the top choice for many investors in the cryptocurrency market.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcN2a69PfoP9a_PpmARmMQFtEFvk8668BX0QU9czXK1Y0J5G97FU6Ycb7hjAenrnCETH1PciJF75xqbgnjBbuARV3uYUkd_cHnbyfi8771XztFkZGaIoUH6YgHpmBxWcjmKW7QObRBVL3aoBs_vLcMb65I?key=oPhoOfO9NubdU5rZNUh2zw" alt="">
</figure>  
Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">coinmarketcap</a>  
From a more technical perspective, the chart highlights critical support at $50,009, coinciding with the 50% Fibonacci retracement. The current price action suggests a major resistance nearing the $61,868 mark, aligning with the 23.6% retracement levels. There are odds that if bitcoin fails to break this resistance, a retest of the lower support level may be expected as a possible price bounce. Consequentially, if a successful breakout occurs, it could lead to a retest of the $74,802 highs.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfAdo9EO8f_T68hAbjuDhgzqHm89-mg-3AH_dSBEyu_GTOdBi6DObbDaQdASCxI5l3Es5YWKbnvIwgO19wwWhoIBrEYNH2DfEm8MrxmY75H7ZzwJ-TsQsGRMt3ZG7uzoxkx7kftDo3ula7-73TsVFBGLnZl?key=oPhoOfO9NubdU5rZNUh2zw" alt="">
</figure>  
Source : <a href="https://www.tradingview.com/chart/YP9EFueQ/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener noreferrer nofollow">tradingview</a>  
A period of contemplation is seen with the RSI indicator being at 47.30, suggesting that the market is neither overbought nor oversold. This indicates a more neutral sentiment among traders before any expected sentiment occurs. The MACD indicator&nbsp; sows a bearish crossover, with the further macd line being staged at the signal line reflecting a downward momentum. The histogram also shows the red bars, which signal bearish sentimental movement in the market. The indicator is widely famous for being a lagging indicator and may be late to show the results more quickly and conveniently. 
The post <a href="https://cryptonewsland.com/bitcoin-reaches-61103-as-market-shows-signs-of-recovery-despite-trading-volume-drop/" rel="noopener noreferrer nofollow">Bitcoin Reaches $61,103 as Market Shows Signs of Recovery Despite Trading Volume Drop</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Bitcoin Reaches $61,103 as Market Shows Signs of Recovery Despite Trading Volume Drop

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