Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, “Bitcoin, priced around $62,000, saw a smaller decline of 1.27%, reflecting mixed sentiment in the crypto market. Despite this, strong trading volumes of USD 20 billion in the last day highlight the active participation in the market. The news suggests that large bitcoin holders, or whales, are piling up, signaling confidence in a potential year-end rally. Bitcoin is currently supported near $61,700 within an ascending channel, with resistance around the 50-day EMA at $62,210 suggesting limited immediate upside. With the RSI at 48, indicating neutral sentiment, Bitcoin’s ability to hold above $61,700 is critical to avoid further declines towards the $60,700 and $60,000 support levels.”
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