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.
Buyers remain more powerful than sellers, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has risen by 4% over the last 24 hours.
On the hourly chart, the rate of BTC is looking bearish as it is approaching the support level of $49,763. If the daily bar closes near that mark, the accumulated energy might be enough for a drop to the $49,000-$49,500 zone.
A similar picture can be seen on the bigger time frame. The price of BTC has made a false breakout of yesterday's bar's peak. If buyers cannot seize the initiative shortly, traders may expect a test of the support level of $49,048 soon.
From the midterm point of view, one should pay attention to the weekly candle's closure. If it happens above the interim level of $49,048, growth may continue to $50,000 and above.
Denys SerhiichukIn another scenario, bears may locally seize the initiative, which might lead to a correction to the $46,000-$48,000 area.
Bitcoin is trading at $49,630 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin