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Bulls are back in the game, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has increased by 3.32% over the last 24 hours.
Despite today's growth, the price of BTC is looking bearish on the hourly chart as the rate is trading near the local support of $69,921. If the bounce back does not happen by the end of the day, the breakout may lead to a fall to the $69,000 area.
On the bigger time frame, the picture is neutral as neither bulls nor bears have seized the initiative yet. Thus, the volume has dropped, which means that BTC needs more time to accumulate energy for a further move.
All in all, sideways trading in the area of $69,000-$72,000 is the more likely scenario for the next few days.
A similar situation can be seen on the weekly chart. None of the sides is dominating at the moment, confirming ongoing consolidation in the range of $64,000-$72,000 until the end of the month.
Bitcoin is trading at $69,878 at press time.
Mushumir Butt
Tomiwabold Olajide
Arman Shirinyan
