The cryptocurrency market is experiencing a surge over the weekend, as reported by CoinStats.
Bitcoin (BTC) has seen its value increase by 1.3% compared to the previous day.
In the hourly analysis, BTC’s price attempted to break through local resistance at $125,115 but was unsuccessful.
If today’s trading session concludes above this level, it could signal further upward momentum towards setting new record highs.
Looking at a broader timeframe, attention should be paid to how the candle closes around $124,517. A successful breakout here might lead traders to anticipate continued growth towards new heights.
The midterm outlook mirrors this sentiment; if the weekly candle finishes above $124,517, there is a strong possibility of sustained upward movement.
Currently, Bitcoin is valued at $124,725 as of this report’s publication time.