U.Today - Sellers are weaker than buyers today, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has risen by 3.72% over the last day.
On the hourly chart, the price of BTC has made a false breakout of the recently formed resistance of $84,325. However, if buyers’ pressure continues, one can expect a blast to the $85,000 area.
On the bigger time frame, none of the sides has seized the initiative yet. This is also confirmed by the low volume.
Bulls may start thinking about a midterm rise only if they restore the rate above the nearest resistance of $85,270.
From the midterm point of view, one should focus on the weekly bar’s closure in terms of the previous candle’s closure. If it happens around $85,000 or above, there is a chance to see an ongoing upward move to the $88,000-$90,000 area.
Bitcoin is trading at $84,089 at press time.
This content was originally published on U.Today
