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.
Bulls are getting back in the game, as most of the coins are again in the green zone.
Top coins by CoinMarketCap
BTC/USD
The price of Bitcoin (BTC) has risen by 1.53% over the past 24 hours.
Image by TradingView
On the hourly chart, the rate of Bitcoin (BTC) is trading in the middle of the recently formed channel. At the moment, traders should focus on the $31,000 zone. If the candle closes above it, the growth can continue to the $31,500 area on the weekend.
Image by TradingView
On the bigger time frame, the price of BTC has once again tried to fix above the $31,000 mark. The rate has almost touched a resistance level at $31,458. If the return to that mark does not happen today, there is a chance to see ongoing sideways trading between $30,000 and $31,000.
Such a scenario is relevant within the next few days.
Image by TradingView
From the midterm point of view, Bitcoin (BTC) keeps looking bullish; however, one should pay attention to the bar closure. If it happens far from the previous candle peak at $31,458, sellers might locally seize the initiative that can lead to a drop to the $30,000 range.
Bitcoin is trading at $30,790 at press time.
Arman Shirinyan
Alex Dovbnya
