The market is showing a neutral stance midway through the week, as reported by CoinStats.
BTC/USD
Bitcoin (BTC) has experienced a slight increase of 0.15% in its value over the last 24 hours.
On the hourly chart, BTC’s price is attempting to stabilize above the $113,188 mark. Should this occur and if it closes significantly away from this level, there could be potential for further upward movement towards approximately $114,000.
Looking at a broader time frame, Bitcoin’s rate remains distant from key levels. Traders should focus on how today’s candle closes relative to yesterday’s peak. If it surpasses that point, bullish momentum might return and potentially drive prices into the $114,000-$115,000 range by week’s end.
From a midterm perspective, neither bulls nor bears have taken control yet. This observation is supported by low trading volumes. Overall, it’s likely that Bitcoin will continue trading sideways within the $110,000-$114,000 range.
The current trading price of Bitcoin stands at $113,199 as of now.