The cryptocurrency market is attempting to maintain a positive outlook, despite some assets experiencing declines, as reported by CoinStats.
BTC/USD
Bitcoin (BTC) has seen an increase of 0.41% in its value over the last 24 hours.
Examining the hourly chart reveals that Bitcoin’s price is currently situated within a local trading range, positioned between support at $114,990 and resistance at $115,977. With neither buyers nor sellers exerting significant influence, the likelihood of sudden price movements remains low until tomorrow.
A longer-term analysis shows a similar trend. The leading cryptocurrency’s price is distanced from critical levels, indicating that both buyers and sellers are hesitant to take control of the market.
Overall, it appears that Bitcoin will continue to trade sideways within a narrow band between $115,000 and $116,000 for the foreseeable future.
From a midterm perspective, it’s premature to draw any long-term conclusions. The current market situation remains neutral as prices hover in the center of an expansive channel. Therefore, consolidation around these levels seems to be the most probable outcome.
As of now, Bitcoin is trading at $115,461.