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Bitcoin (BTC) Price Prediction for July 11

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Thu, 11/07/2024 - 15:20
Bitcoin (BTC) Price Prediction for July 11
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Bulls are trying to come back to the game, according to CoinStats.

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BTC chart by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has risen by 2.23% over the past 24 hours.

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Image by TradingView

On the hourly chart, the price of BTC might have set a local resistance level of $59,516. As most of the daily ATR has been passed, there are low chances to expect any sharp moves by the end of the day. 

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However, if the bar closes near $59,500, the ongoing upward move may continue tomorrow.

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Image by TradingView

A similar picture can be seen on the bigger time frame. Buyers are trying to seize the initiative after yesterday's bearish closure. If they manage to do that, traders may witness a test of the vital mark of $60,000 shortly.

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Image by TradingView

On the weekly chart, it is too early to think about a quick reversal as the price of BTC has not accumulated enough energy yet. In this case, sideways trading between $57,000 and $60,000 is the more likely scenario.

Bitcoin is trading at $59,027 at press time.

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