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The market is facing a bounce back after a few days of decline, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has increased by 4.33% over the last day.
On the hourly chart, the rate of BTC has broken the local resistance level of $59,104. If buyers can hold the gained initaitive and the daily bar close around current prices, there is a chance to see a further upward move to the $60,000 area.
On the daily time frame, it is too early to think about a bullish reversal as the rate remains below the vital level of $59,440.
In this case, sideways trading in the narrow range of $59,000-$60,000 is the more likely scenario until the end of the week.
From the midterm point of view, one should pay attention to the same level. However, the weekly bar is about to close below it. If that happens, the drop may continue to the $55,000 range the next week.
Bitcoin is trading at $59,308 at press time.
Alex Dovbnya
Tomiwabold Olajide
