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.
Most of the coins might need a correction before the next wave of growth.
BTC/USD
Even though the price of Bitcoin (BTC) has dropped by 0.32% since yesterday, the rate has grown by more than 10% over the last week.
On the local chart, the price of Bitcoin (BTC) is in the narrow range between the support at $22,702 and the resistance at $22,969. At the moment, the rate is on the way to the upper line, which means that bulls are not going to give up.
In case of a breakout, the growth may continue to the $23,100-$23,200 zone.
On the bigger time frame, the situation is also positive as the price has bounced back from the recently formed support level of $22,750. If closure happens near the important $23,000 zone, the upward move can continue to $23,362.
From the midterm point of view, the weekly candle is about to close above the $22,781 mark, which means that Bitcoin (BTC) remains bullish. In this regard, the energy might be enough for a move to the next resistance area of around $25,000.
Bitcoin is trading at $22,912 at press time.
Alex Dovbnya
Valeria Blokhina
