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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The weekend has started with a market bounce back, according to CoinMarketCap.
The rate of Bitcoin (BTC) has risen by 1.45% over the last 24 hours.
Despite today’s rise, the price of BTC is looking bearish on the hourly chart as it is on the way to the local support of $67,616. If buyers fail to seize the initiative, traders may expect a test of $67,000 tomorrow.
On the daily time frame, the situation has almost not changed since yesterday from the technical point of view. This statement is also confirmed by the falling volume.
In this case, ongoing sideways trading in the area of $67,000-$69,000 is the more likely scenario for the next days.
On the weekly chart, the price of BTC has once again bounced off the support level of $64,522. At the moment, one should pay attention to the candle closure in terms of the previous bar low of $66,407. If it happens below it, the drop is likely to continue to the $60,000 zone.
Bitcoin is trading at $67,785 at press time.