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The cryptocurrency market is going up again, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 2.19% over the last 24 hours.
On the hourly chart, the price of BTC is near the local resistance at $90,016. If it breaks out, the rise is likely to continue to the $91,000 zone. The volume has increased, which means there are high chances of seeing a further upward move.
On the longer time frame, one should focus on the nearest resistance at $90,471. If the daily bar closes above it, the accumulated energy might be enough for a blast to the $92,000-$93,000 range.
Such a scenario is relevant until the end of the week.
From the midterm point of view, it is too early to make any long-term predictions. The price of the main crypto is far from key levels, confirming the absence of bulls or bears' strength. All in all, sideways trading in the range of $88,000-$92,000 is the most likely scenario.
Bitcoin is trading at $89,876 at press time.
Denys Serhiichuk
Arman Shirinyan
Godfrey Benjamin
Tomiwabold Olajide