Over the past few days, the Bitcoin price has been trading in a range between $55,000 and $60,000. However, it should be noted that BTC is still facing resistance at the $62,000 level.
At the end of a week that was more red than green for the Bitcoin (BTC)the most popular cryptocurrency is trading above $59,000 this Saturday, after falling more than 1.9% in the last 24 hours. The same is happening with Ethereum (ETH)that although It is quoted above US$2,600in the last few hours it fell by 0.2%. Some exceptions in the altcoin segment manage to record some gains.
In recent days, the Bitcoin price has been moving in a range between $55,000 and $60,000. But it should be noted that BTC continues to face a resistance at the level of US$62,000, A report by Goodbit.
The note is positive for the crypto market this week
This week, although it was not very good in terms of gains for the crypto market, positive news comes from the side of strengthening adoption and future projections for the industry, which at the end of the day, is what counts for ecosystem enthusiasts.
And a recent report from Coinware, the leading crypto research site, predicted that crypto adoption levels in Latin America will “more than double by the end of the year,” confirming that the region continues to grow and stands as a global beacon of adoption. The document projects that trading volumes will reach $7.82 trillion in 2024. Well above the $2.29 trillion traded in 2023 and the $3.03 trillion in 2022.
For the ArgentinaCoinwire estimates a cryptocurrency trading volume of US$100 billion, which places it as the third country at the regional level, only behind Brazil and Chile and above Colombia.
Along the same lines, another report from Glassnode revealed some very interesting data on the behavior of Bitcoin market participants, particularly long-term holders. In a nutshell, the document concludes that BTC holders renewed their commitment to the largest cryptocurrency by market capitalization, despite the uncertainty that looms over all markets, not just the cryptocurrency market.The Bitcoin market is showing signs of a shift from selling pressure to a renewed focus on accumulation“, he says.
Buenbit observes that “this pattern is being replicated. Currently, investors are buying Bitcoin more than those selling. This shows that there is optimism on the part of traders.” This means, according to the conclusion of the Glassnode report, that the ongoing accumulation trend could lead to a reduction in volatility, as long-term holders prove patient and resilient.
Source: Ambito
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