This week, the cryptocurrency market remains under bull control. Bitcoin is showing slight growth, but weak volatility is expected shortly.
Current Price Changes of Bitcoin
In the past 24 hours, Bitcoin's (BTC) price has risen by 1.29%. On the hourly chart, a local support has formed at $118,475. However, the chances for sharp movements until the end of the week are low as most of the daily ATR has been passed.
Price Predictions and Movement Scenarios
Considering current conditions, the most likely scenario is sideways trading around $120,000. On a longer time frame, neither side has seized the initiative, indicating low trading volume.
Long-Term Prospects and Market Trends
From a midterm analysis perspective, Bitcoin's price is far from key levels. Attention should be paid to the previous candle at $119,482. If the close occurs significantly below this level, there is a risk of a decline to the $110,000-$115,000 range.
As of now, Bitcoin is trading at $119,377. Despite the current stability, investors should be mindful of market dynamics in the coming days.
