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According to CoinMarketCap, the weekend started with a market rally.
Top coins from CoinMarketCap
BTC/USD
The price of Bitcoin (BTC) has increased by 1.45% in the last 24 hours.
Image from TradingView
Despite today's increase, BTC price looks bearish on the hourly chart as it heads towards local support at $67,616. If buyers fail to seize the initiative, traders can expect a test of $67,000 tomorrow.
Image from TradingView
On the daily time frame, from a technical perspective, the situation has almost not changed since yesterday. This statement is also confirmed by the falling volume.
In this case, continued sideways trading in the $67,000-$69,000 range is the more likely scenario for the next few days.
Image from TradingView
On the weekly chart, BTC price has once again bounced off the support level of $64,522. For now, pay attention to the candle close in relation to the previous bar low of $66,407. If it breaks below, the decline is likely to continue into the $60,000 zone.
At press time, Bitcoin is trading at $67,785.
About the author
Denys Serhiichuk
With over five years of trading experience, Denys has extensive knowledge of both technical and fundamental market analysis. Mainly, he started his blog on TradingView where he publishes all relevant information and makes predictions about top coins.
His experience is backed by working in top blockchain-related companies such as W12, Platinum Listing, ATB Coin and others. They can be contacted at [email protected].
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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