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A bull run continues on the cryptocurrency market, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) keeps rising, going up by 1.34% over the last 24 hours.
On the hourly chart, the rate of BTC is testing the resistance level after a false breakout of the local support. If buyers can hold the initiative, traders may expect a blast to the $53,000 zone soon.
On the bigger time frame, one should focus on the bar's closure in terms of yesterday's candle peak. If it happens above that and with no long wick, the growth may lead to the test of the $53,000-$53,500 area shortly.
From the midterm point of view, there are no reversal signals yet, as the rate of BTC keeps setting new local peaks. If the weekly candle consolidates around the current prices, traders may see $54,000-$56,000 by the end of the month.
Bitcoin is trading at $52,346 at press time.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov