The leading cryptocurrencies are experiencing an upward trend as October begins, according to data from CoinStats.
Bitcoin (BTC) has seen its value increase by 2.59% in the last 24 hours.
On the hourly chart, Bitcoin’s price is attempting to surpass the local resistance level of $116,795. Should this occur and if today’s trading closes above this threshold, there is a strong possibility that we could soon witness a challenge of the $117,500-$118,000 range.
When considering longer time frames, attention should be paid to how candles close around the immediate level of $117,898.
If it closes at or above this point, it may provide sufficient momentum for Bitcoin to continue its ascent towards the $120,000 mark.
From a medium-term perspective, BTC’s outlook remains neutral as it fluctuates within a channel bordered by support at $107,281 and resistance at $123,218. Since neither buyers nor sellers have gained control yet, a phase of accumulation between $114,$000-$&#&x31;&x32;;0,000 seems most probable.
Currently, Bitcoin is valued at $&x31;x37,x31,x37,x31;.