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The market is neutral in the middle of the week, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has risen by 0.79% since yesterday.
On the hourly chart, the rate of BTC might have set a local resistance of $107,880. At the moment, one should pay attention to the daily bar's closure in terms of that level.
If it happens around it, traders may expect a breakout, followed by a move to the $109,000 zone.
On the longer time frame, bulls are trying to seize the initiative after yesterday's bearish bar. If the candle closes above $107,600 and with no long wick, the upward move may lead to the test of the resistance by the end of the week.
From the midterm point of view, traders should focus on the weekly bar's closure. If it happens near $110,000, the growth is likely to continue to the $112,000 mark.
Bitcoin is trading at $107,384 at press time.
Vladislav Sopov
U.Today Editorial Team