Today, the cryptocurrency market is showing predominantly positive dynamics, as Bitcoin (BTC) increased by 3.42% over the last 24 hours.
Current Bitcoin Price Analysis
At present, the price of Bitcoin stands at $116,750. Over the past hour, the price of BTC has surged significantly after breaking through the $113,472 level. It is expected that the likelihood of strong volatility in the upcoming days is low as most indicators have already reached their ranges.
Long-term Predictions for BTC
Over a longer time frame, Bitcoin is showing a steady rise after bouncing off the support level of $111,919. However, for a sustained increase, BTC may require more time to accumulate energy. The most likely scenario is sideways trading in the range of $115,000 to $118,000.
Short-term Market Outlook
From a midterm perspective, the BTC price has tested the $111,919 support level multiple times. Attention should be paid to the closing of the weekly candle: if it occurs significantly above this level, bulls may regain initiative, potentially pushing prices to test the $120,000 mark.
Bitcoin continues to show positive dynamics, but for sustained growth, further signs of energy accumulation and support levels are essential.
