According to CoinStats, all cryptocurrencies in the top ten rankings are experiencing positive movements today.
BTC/USD
Over the last 24 hours, Bitcoin (BTC) has seen an increase of 0.74% in its value.
The hourly chart indicates that BTC has established a local resistance level at $117,865. Should the daily candle close near this point, there is potential for further growth towards $118,500.
When examining longer time frames, Bitcoin’s price trend appears more bullish than bearish overall.
If buyers can maintain their momentum, the accumulated buying pressure may propel prices into the range of $119,000 to $120,000.
From a mid-term perspective, BTC has been on an upward trajectory for three consecutive weeks. However, it remains distant from crucial levels which suggests that additional time may be necessary for it to build sufficient energy for a significant move. Consequently, sideways trading within the range of $115,000-$120,000 seems to be the most probable scenario moving forward.
As of now, Bitcoin is priced at $117,354.