The cryptocurrency market is witnessing a rise in Bitcoin price, leading traders to expect sideways movement in the coming days.
Current Bitcoin Price
As of the time of writing, Bitcoin (BTC) is trading at $117,954, reflecting an increase of 2.14% over the last day.
Short-Term Forecasts
On the hourly chart, Bitcoin might have set a local resistance at $118,270. As much of the daily ATR has already been surpassed, sharp price changes are unlikely in the coming days. Traders can expect sideways movement in the range of $116,000 - $120,000.
Long-Term Trends
From a midterm perspective, the price of Bitcoin has again bounced off the $119,482 resistance level. If the weekly candle closes significantly away from this level, bearish sentiment could return, potentially leading to a test of the $115,000 mark.
The 2.14% increase in Bitcoin price shows trader interest in the cryptocurrency; however, the current low trading activity indicates potential sideways movement in the coming days.
