The market might return to growth soon as most of the coins are again in the green zone.
BTC/USD
The price of Bitcoin (BTC) is rising by 0.86% over the last 24 hours.
On the hourly chart, the rate of Bitcoin (BTC) is trading closer to the local resistance than to the support, which means there are more chances to see an upward move rather than a drop. If the candle closes near the $21,885 mark, the breakout may lead to the test of the $22,000 zone shortly.
On the daily time frame, Bitcoin (BTC) keeps trading in the middle of the channel, between the support at $21,454 and the resistance at $21,939. The volume has fallen, which means that none of the sides is ready for a sharp move.
In this case, ongoing sideways trading in the range of $21,600-$21,800 remains the more likely scenario until the end of the week.
On the weekly chart, Bitcoin (BTC) has formed the death cross, which might be a bearish signal. At the moment, one should pay attention to the bar closure. If it happens below the support at $21,454, the fall may continue to the $20,000 zone or even below. Such a scenario is relevant until the end of the month.
Bitcoin is trading at $21,651 at press time.
Vladislav Sopov
Tomiwabold Olajide
Godfrey Benjamin