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Bulls are more powerful than bears today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has gone up by 0.44% over the last 24 hours.
On the hourly chart, the price of BTC is closer to the support than to the resistance level. If the daily bar closes below $87,000, there is a high chance of seeing a test of the support by tomorrow.
A less clear picture can be seen on the longer time frame. The rate of the main crypto is far from key levels, which means none of the sides has enough strength to seize the initiative.
In this case, ongoing sideways trading in the range of $86,000-$89,000 is the most likely scenario.
From the midterm point of view, the picture is similar. The volume has dropped, confirming the absence of buyers and sellers' strength. In this regard, traders are unlikely to see increased volatility this month.
Bitcoin is trading at $87,232 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team