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Bulls have seized the initiative at the beginning of the week, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has risen by almost 3% over the past day.
On the hourly chart, the price of BTC might have set a local resistance of $92,296. If the daily bar closes far from that mark, one can expect a test of the support by tomorrow.
On the longer time frame, the rate of the main crypto remains far from the resistance. Thus, the volume has declined, which means none of the sides has accumulated enough energy for a further move.
In this case, sideways trading in the range of $88,000-$91,000 is the most likely scenario.
From the midterm point of view, the situation is similar, as neither buyers nor sellers are dominating at the moment. In this regard, one should focus on the nearest zone of $90,000. If the daily bar closes below it, traders may witness a downward move to the $80,000-$85,000 zone.
Bitcoin is trading at $90,332 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team