The financial market is showing an upward trend as the week concludes, according to CoinStats.
Bitcoin (BTC) has seen a 0.72% increase in its value over the past day.
Examining the hourly chart reveals that BTC’s rate has rebounded from its local support level of $122,869. Should today’s trading close significantly away from this point, there could be potential for an increase towards $123,500.
On a broader scale, Bitcoin’s price experienced a deceptive breakout at the resistance level of $124,517.
If buyers fail to take control, sellers might regain momentum and possibly drive prices down to test the $121,000 zone.
Looking at midterm projections, attention should be given to how prices settle around $124,517. A weekly candle closing above this threshold could signal further growth and potentially reach new record highs.
The current trading price for Bitcoin stands at $122,982 as of now.