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.
The crypto market is trading in the neutral zone today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 1% since yesterday.
On the hourly chart, the price of BTC is going down after setting a local resistance level of $98,776. If bulls cannot seize the initiative shortly, one can expect a test of the support by tomorrow.
On the bigger time frame, traders should focus on the nearest level of $99,514. If its breakout happens, there is a chance to see a price blast to the $100,000 zone and above.
From the midterm point of view, bears have failed to maintain the decline after a previous bearish bar closure. However, it is too early to think about a fast reversal, as not enough energy has been accumulated yet.
Denys SerhiichukIn this regard, sideways trading in the range of $94,000-$100,000 is the more likely scenario.
Bitcoin is trading at $98,447 at press time.
Alex Dovbnya
Dan Burgin