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Even though the day has started bearish for the market, bulls are trying to get back in the game, according to CoinStats.
BTC/USD
Bitcoin (BTC) is one of the biggest gainers today, rising by 1.77%.
On the hourly chart, the rate of BTC is about to break the local resistance. If it happens and the daily bar closes above that mark, the rise may continue to the $109,000 area tomorrow.
On the bigger time frame, the price of the main coin has blasted after breaking the resistance of $106,329.
If bulls can hold the gained initiative, the upward move may lead to the test of the $110,000 range by the end of the week.
From the midterm point of view, the rate is rising after a false breakout of the support of $100,764. However, the price remains far from key levels, which means buyers might need more time to accumulate energy for a further sharp move.
Bitcoin is trading at $107,832 at press time.
Vladislav Sopov
U.Today Editorial Team