Bitcoin is on pace for its largest percentage gain since March (but at key resistance)

Bitcoin’s price surged over 8% today, marking its largest gain since March 2023. Currently trading at $59,819, up $4,666 for the day, the digital currency has experienced significant volatility over the past 10 trading days. It reached a high of $70,016 on July 29 and a low of $49,577 on Monday, a 29.19% decline over seven days.

On the hourly chart, Bitcoin is trading near the 50% midpoint of this range at $59,768, with the 200-hour moving average close by at $59,585. This area will be a crucial indicator for both buyers and sellers. Moving above the aforementioned technical levels and the natural resistance at the $60,000 level would provide buyers with added confidence. Conversely, if sellers resist at this level, we will likely see some profit-taking following today’s sharp upward move.

The price is up nicely, but key level for both buyers and sellers right here.

This article was written by Greg Michalowski at www.forexlive.com.