Bitcoin Price Slumps Back to $63K Amid Increased Volatility

• Bitcoin recorded a mild price dip of 1.01% in the last 24 hours and slid back to $63,000.
• The cryptocurrency’s daily trading volume increased by 3.11% as per CMC data.

The cryptocurrency market, much to the delight of the investors, turned bullish last week. Leading cryptocurrencies recovered from their downward trajectory, sustaining over the previous fortnight. Meanwhile, the crypto community also rejoiced at a pro-crypto statement from the US Democrats’ candidate, Kamala Harris. 

However, in the last 24 hours, Bitcoin incurred a mild dip of 1.01% in daily price movements. The cryptocurrency was trading at a high of $64,745 before exhibiting mild dips. Notably, BTC began inching towards $63K in the Asian afternoon hours of September 23. At the time of writing, Bitcoin was trading at $63,137 as per CMC data. 

Moreover, Bitcoin has shown increased volatility along with its bullish turn this past week. The digital asset’s RVI stands at 54.84 as per TradingView data indicating the surge in price fluctuations. This volatility can be seen reflected in Bitcoin swaying between the $62K and $64K ranges over the past two days.

Meanwhile, market analyst Ali (@ali_charts) stated that Bitcoin is testing its 200-day SMA at $63,925. He has predicted that in case of a price breakout from this point would count as a major bullish signal for the cryptocurrency. 

However, Bitcoin’s short-term 9-day MA still holds its place above the long-term 21-day MA. This indicates the persistence of the bullish turn, which requires a positive momentum to sustain further. Additionally, BTC’s RSI stands at 61.53 indicating a neutral market situation.

How was Bitcoin’s Price Action Over the Past Week? 

On inferring Bitcoin’s weekly price chart, the digital asset has recorded an 8.33% increase in price over the past seven days. At the week’s beginning, BTC traded at a low of $58,441 before moving upwards. In the following days, prices began climbing past $58K but faced resistance at $60K. 

However, after the release of the FED’s interest rate cuts following a recent meeting, BTC surpassed its resistance and rallied to $64K. This price breakout was followed by the aforementioned mild price dip in the last two days. 

Meanwhile, leading altcoin, Ethereum has also surpassed its previous resistance at $2.5K. The cryptocurrency is currently heading towards its second barrier at $2,700. 

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