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Buyers are controlling the situation on the market at the beginning of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 1.37% since yesterday.
On the hourly chart, the price of BTC is closer to the support than to the resistance. If the breakout of the bottom level happens, one can expect a test of the $113,000 mark by tomorrow.
On the longer time frame, the situation is neutral as the rate of the main crypto is far from main levels. Thus, the volume is low, which means there are low chances of seeing sharp moves over the next few days.
From the midterm point of view, the weekly bar closed far from the support of $107,389. However, it is too early to consider a fast reversal, as bulls have not accumulated enough energy yet.
In this regard, the consolidation in the zone of $113,000-$118,000 is the most likely scenario.
Bitcoin is trading at $114,361 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team