At the start of the week, market dynamics are being steered by buyers, as reported by CoinStats.
The value of Bitcoin (BTC) has experienced a 1.37% increase since the previous day.
Examining the hourly chart reveals that BTC’s price is positioned nearer to its support level than its resistance. Should there be a breach at this lower boundary, it is anticipated that Bitcoin might test the $113,000 threshold by tomorrow.
In terms of longer-term analysis, conditions remain stable with Bitcoin’s rate distanced from key levels. Consequently, trading volume remains subdued, indicating minimal likelihood for significant price fluctuations in upcoming days.
From a midterm perspective, last week’s closing bar was significantly above the $107,389 support level. However, it’s premature to predict an immediate turnaround as bullish momentum hasn’t fully developed yet.
Therefore, maintaining within the range of $113,000-$118,000 appears to be the most plausible outcome for now.
The current trading price for Bitcoin stands at $114,361 as per latest reports.