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The market is bouncing back today, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has risen by 3.28% since yesterday.
On the hourly chart, the rate of BTC is in the middle of the local channel, between the support of $96,226 and the resistance of $97,717.
As most of the daily ATR has been passed, there are low chances to expect sharp moves by tomorrow.
On the bigger time frame, the situation is bullish. The price is about to break the resistance of $97,470. If it happens and the bar closes above that mark and with no long wick, the rise may continue to the $98,000 mark.
From the midterm point of view, traders should focus on the $98,871 level. If the weekly candle closes above it, the accumulated energy might be enough for a test of the $100,000 range.
Bitcoin is trading at $97,458 at press time.
Vladislav Sopov