Market Update | 06-10-2024
As of today, #Bitcoin $BTC is trading around $61,990, after hitting a high of $62,370 and a low of $61,700. This places Bitcoin slightly below its daily midpoint, showing a mixed session but still aligning with the overall upward trend based on its moving averages.
Technical Indicators
EMAs (Exponential Moving Averages): Bitcoin is above both its 50-day EMA at $61,400 and 200-day EMA at $59,956. This suggests strong bullish momentum, with the price staying comfortably above these levels, indicating the uptrend may continue.
Bollinger Bands
Bitcoin is trading just below the middle band (MB) at $62,996, indicating it's in the middle of its recent price range. The upper band at $66,362 could act as resistance, while the lower band at $59,625 may serve as support if the price drops.
Market Sentiment
Weekends often have lower trading volumes, which can either cause higher volatility or market stability. Since there hasnât been much movement away from recent highs, the market appears relatively stable for now
