Bitcoin (BTC) has started the new week on a positive note, showing price growth amid stable market dynamics.
Current BTC Market Status
Currently, the price of Bitcoin has increased by 0.66% over the last 24 hours, according to CoinMarketCap. The overall market dynamic remains stable, with no clear dominance of bears or bulls.
Hourly Chart Analysis of BTC
On the hourly chart, the rate of the main crypto is in the middle of the local channel. As most of the daily ATR has been passed, sharp moves are unlikely to happen.
Midterm BTC Forecast
In the bigger time frame, the situation is similar. Bitcoin is trading within yesterday's range, indicating no clear trends for growth or decline. The midterm forecast suggests a continuation of sideways trading in the range of $102,000-$106,000. It is important to focus on the weekly candle closure. If it happens around $105,000 and with no long wick, it might gather enough energy for a test of the resistance level by the end of the month.
Bitcoin is showcasing stability at the start of the week, trading within the $102,000-$106,000 range and avoiding sharp fluctuations. The midterm forecast remains neutral for now.
