According to CoinStats, the bears are not yet prepared to take control.
The value of Bitcoin (BTC) has remained relatively stable since yesterday.
On the hourly chart, BTC’s price is climbing following a brief dip below the local support level of $123,654. If this trend continues, traders might see a test of the $126,000 area by tomorrow.
In terms of longer time frames, attention should be given to the nearby level at $125,725. A breakthrough here could potentially provide enough momentum for Bitcoin to reach new record highs.
From a midterm perspective, making long-term forecasts is premature. However, if this week’s candle closes under $1245,617, it could allow bears to gain an advantage and possibly push prices down towards $121,000.
Currently, Bitcoin is valued at approximately $124,666 as per recent reports.