Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Sellers are getting back in the game after a few days of growth, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 2.14% over the last 24 hours.
On the hourly chart, the price of BTC is in the middle of the local channel, between the support of $58,970 and the resistance of $59,744.
Denys SerhiichukIf the daily bar closes near the upper line, one can expect a breakout, followed by a move to the $60,000 area and above.
On the bigger time frame, the rate of the main crypto is far from the key levels. The low volume confirms the absence of buyers' and sellers' energy. In this case, ongoing sideways trading in the range of $59,000-$61,000 is the more likely scenario.
A similar picture can be seen on the weekly chart. None of the sides is dominating, which means there are low chances to expect any sharp moves soon. All in all, traders may witness consolidation near the $60,000 zone until the end of the month.
Bitcoin is trading at $59,328 at press time.
Tomiwabold Olajide
Yuri Molchan
Dan Burgin
Vladislav Sopov