A new week has begun with bulls’ dominance, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has risen by 3.12% over the last 24 hours.
On the hourly chart, the rate of BTC is about to test the local resistance of $87,898. If the daily bar closes above that mark, growth may continue to the $90,000 zone.
On the bigger time frame, one should focus on the candle’s closure in terms of the $86,990 level.
If the daily bar closes above it and with no long wick, the accumulated energy might be enough for a test of the $90,000-$92,000 area.
From the midterm point of view, the price of the main crypto is rising after the previous bullish candle’s closure. However, buyers might need more time so BTC can gain more strength for a continued upward move. In this case, sideways trading in the range of $85,000-$90,000 is the most likely scenario.
Bitcoin is trading at $87,814 at press time.