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Bears are not ready yet to seize the initiative, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) is almost unchanged since yesterday.
On the hourly chart, the price of BTC is rising after a false breakout of the local support of $123,654. If the situation does not change, traders may witness a test of the $126,000 zone buy tomorrow.
On the longer time frame, one should focus on the nearest level of $125,725.
If its breakout occurs, the accumulated energy might be enough to set a new all-time high.
From the midterm point of view, it is too early to make any distant predictions. However, if the weekly candle closes below the $124,5617 level, bears may seize the initiative, which may lead to a test of the $121,000 mark.
Bitcoin is trading at $124,666 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team