Bitcoin continues to show growth, despite some coins remaining in the red zone. Analysis of the current situation indicates that BTC has risen by 2.15%.
Current Market Analysis of BTC
On the hourly chart, the rate of Bitcoin has set local resistance at $108,182. Traders should pay attention to the daily close relative to this level. If it closes around or above this value, it may lead to a test of the $109,000 zone.
Short-term and Mid-term Perspectives
On a larger time frame, the picture is also bullish. The price of the leading cryptocurrency is heading towards resistance at $108,833. If buyers can maintain initiative, the accumulated energy might lead to a breakout, followed by further ascent to the $110,000 range. From a mid-term perspective, the rate has risen after bouncing off the support at $100,426.
Trading Recommendations and Forecasts
If the weekly candle closes above the previous bar high, there is a good chance of testing the resistance at $112,000 soon. As of the time of publication, Bitcoin is trading at $107,794.
Thus, Bitcoin shows positive trends in the market, and the current price may set the foundation for further upward movement. Traders should closely monitor support and resistance levels for trading decisions.
