CoinStats indicates that bullish forces are currently overpowering bearish ones.
The value of Bitcoin (BTC) has increased by 2.6% in the last 24 hours.
Examining the hourly chart, BTC’s price attempted a breakout above the local resistance level of $112,438 but failed to sustain it. Should today’s trading session conclude near or above this threshold, it could empower bulls to potentially challenge the $113,000 zone.
Looking at a broader time frame, BTC remains distant from key support and resistance levels. Observers should focus on how today’s candle closes relative to yesterday’s peak for further insights.
A successful breakout could propel an upward trajectory towards the $114,000 mark.
From a midterm perspective, neither buyers nor sellers have gained dominance as evidenced by low trading volumes. This suggests that Bitcoin might continue fluctuating within the range of $110,000-$114,000 without significant directional movement.
The current trading price for Bitcoin stands at $112,167 as of now.