The cryptocurrency markets are demonstrating positive dynamics, with Bitcoin and other leading digital currencies continuing to rise.
Bitcoin's Price Growth
The price of Bitcoin (BTC) has increased by 2% over the last 24 hours, currently trading at $111,369.
Current Support and Resistance Levels
On the hourly chart, Bitcoin's price is in the middle of the channel, between a support level of $110,597 and a resistance level of $111,787. If the daily candle closes near the upper level, a breakout could occur, leading to further upward movement towards the $113,000 range.
Midterm Outlook
From a longer-term perspective, attention should be paid to the daily candle closure at the $111,775 level. If a breakout occurs, testing of the $113,000-$114,000 area could soon follow. However, the current low trading volume indicates that neither bulls nor bears are ready to take the initiative, making sideways trading in the $110,000-$114,000 zone a more likely scenario.
Bitcoin and other cryptocurrencies continue to show positive trends, but the observed low trading volume suggests caution in predictions.
