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According to CoinMarketCap rankings, the last day of the week is more bearish than optimistic for the cryptocurrency market.
Top Coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) price is down 0.29% since yesterday. In the last week, the price has fallen by 0.41%.
Image by TradingView
On the hourly chart, Bitcoin (BTC) price is sitting in the middle of the tight range between the $30,472 support and the $30,557 resistance. Strong moves are unlikely until the end of the day as most of the daily ATR has been breached.
In that case, a sustained consolidation in the $30,500 area is the more likely scenario.
Image by TradingView
On the larger time frame, the situation is similar as neither bulls nor bears have taken the initiative. If buyers want to take the initiative, they need to push the price back into the $31,200 area. In this case, there are high chances of a break of the resistance at $31,458.
Image by TradingView
From a medium-term perspective, traders should pay attention to the recent candle high of $31,458. If the bar closes above it with no long wick, the rise could resume and lead to a test of the next resistance level at $32,376.
At press time, Bitcoin is trading at $30,502.
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