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The cryptocurrency market is mainly bullish today, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has risen by 0.17% over the last 24 hours.
On the hourly chart, the rate of BTC is trading near the local resistance of $51,147. If the daily bar closes near it or even above, there is a chance of a breakout followed by a move to the $51,500 area.
On the bigger time frame, one should pay attention to the daily candle closure in terms of the support level at $50,611. If the closure happens far from that mark, one can expect a local bounce back to the $51,500-$52,000 zone soon.
From the midterm point of view, neither bulls nor bears have seized the initiative. In this case, any sharp moves are unlikely to happen soon.
All in all, consolidation in the range of $50,000-$52,000 is the more likely scenario for the next weeks.
Bitcoin is trading at $51,123 at press time.
Tomiwabold Olajide
