The cryptocurrency market is mainly green today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 3.7% over the past day.
On the hourly chart, the price of BTC has made a false breakout of the local resistance of $106,482. If the daily bar closes far from it, traders may witness a correction to the $105,000 mark.
On the longer time frame, the rate of the main crypto keeps going up after yesterday’s bullish closure. However, buyers might need more time to accumulate energy for a further move.
In this case, sideways trading in the range of $105,000-$108,000 is the most likely scenario.
From the midterm point of view, there are no reversal signals yet. The volume remains low, which means none of the sides is ready for a sharp move. In this regard, traders are unlikely to witness increased volatility soon.
Bitcoin is trading at $105,945 at press time.