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Bears are more powerful than bulls on the first day of the weekend, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has declined by 0.46% over the past day.
On the hourly chart, the rate of BTC is approaching the local resistance of $116,040. If a breakout happens, the rise is likely to continue to the $116,500 mark by tomorrow.
On the bigger time frame, the price of the main crypto is in the middle of the wide channel.
As neither bulls nor bears are dominating, ongoing sideways trading in the range of $114,000-$116,000 is the more likely scenario over the next few days.
From the midterm point of view, the situation is similar. Neither side has seized the initiative as the rate is far from the support and resistance levels. In this case, there are low chances to witness increased volatility until the end of the month.
Bitcoin is trading at $115,915 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team