According to CoinStats, the majority of cryptocurrencies are experiencing an upward trend as the week concludes.
The value of Bitcoin (BTC) has increased by 1.34% in the past day.
On the hourly chart, BTC’s price has surpassed a local resistance level at $108,234. Should today’s bar finish above this threshold, we could see further growth towards $109,000.
In a broader perspective, Bitcoin’s price is climbing following yesterday’s positive close. However, with trading volume remaining low, bulls may require additional time to gather momentum for sustained advancement.
This suggests that a period of consolidation between $108,000 and $110,000 is likely to occur.
Looking at the midterm outlook presents challenges for buyers. If this week’s bar closes near its lower end, there’s a significant possibility that support around $100,426 will be tested before month’s end.
Currently priced at $108,455, Bitcoin continues its journey through market fluctuations.