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The situation remains unclear on the cryptocurrency market as some coins are rising, while others are in the red area.
The rate of Bitcoin (BTC) has increased by 0.37% over the last 24 hours.
On the hourly time frame, the rate of BTC has bounced off the middle of the local channel, which means that bears are more powerful than bulls. If the decline continues to the support of $26,954, the accumulated energy might be enough for a blast to the $26,900 zone and below.
On the bigger chart, traders should focus on the nearest resistance level of $27,537. If the candle closes near that mark, the breakout may lead to a further upward move to the next zone around $28,142.
However, if the daily bar remains far, sideways trading in the area of $27,000-$27,500 is the more likely scenario until the end of the week.
From the midterm point of view, it is too early to make any conclusions as the bar is far from the closure. However, if buyers retain the rate above the zone of $27,000, the rise may continue to the nearest resistance of $28,142 until the end of the month.
Bitcoin is trading at $27,172 at press time.