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.
Bears are trying to come back to the game at the end of the day, according to CoinStats.
BTC/USD
Bitcoin (BTC) is one of the biggest gainers today, rising by 2.43%.
On the hourly chart, the rate of BTC is near the local resistance of $111,436. If buyers can hold the gained initiative, one can expect a level breakout, followed by a further upward move to the $112,000 mark.
On the longer time frame, the price of the main crypto is rising after a breakout of the resistance of $109,261.
However, the volume remains low, which means bulls might need more time to accumulate energy for a further move. In this case, sideways trading in the range of $110,000-$114,000 is the most likely scenario.
From the midterm point of view, the situation is similar as the rate of BTC is far from main levels. In this regard, traders are unlikely to witness sharp moves until the end of the month.
Bitcoin is trading at $111,201 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team