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A new week has started with ongoing bull dominance on the market, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has gone up by 2.71% since yesterday.
On the hourly chart, the price of the main crypto has set a new all-time high at $123,236. As most of the daily ATR has passed, traders are unlikely to see sharp moves by the end of the day.
On the longer time frame, the rate of BTC keeps setting new peaks. Even though there are no reversal signals yet, one should pay attention to the current bar's closure in terms of its peak.
If it happens with a long wick, there is a possibility of witnessing a correction to the $115,000-$117,000 range.
From the midterm point of view, the volume is going down, which means bulls might need some time to get energy for a further move. In this regard, sideways trading in the area of $115,000-$120,000 is the most likely scenario until the end of the month.
Bitcoin is trading at $120,918 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team