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Bulls could not hold the gained initiative until the end of the week, according to CoinMarketCap.
The rate of Bitcoin (BTC) has declined by 0.54% since yesterday. Over the last week, the price has fallen by 5.84%.
On the hourly chart, the price of BTC is near the local resistance level of $97,248. If a breakout happens, the growth may continue to the $98,000 area tomorrow.
On the bigger time frame, neither side is dominating. The rate of the main crypto is far from the key levels, which means any sharp moves are unlikely to happen shortly.
From the midterm point of view, one should pay attention to the weekly bar closure in terms of the $97,092 level.
Denys SerhiichukIf the candle closes far from it, traders may witness a local bounce back to the $100,000 area. Such a scenario is relevant until the end of the month.
Bitcoin is trading at $96,396 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
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