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According to CoinStats, growth in the cryptocurrency market continues.
BTC chart from CoinStats
BTC/USD
The price of Bitcoin (BTC) has increased by almost 5% in the last 24 hours.
Image from TradingView
On the hourly chart, the price of BTC keeps hitting new local highs. Currently, watch out for the daily close at $44,873.
If the price is above this mark, the rise is likely to continue into the $46,000 area.
Image from TradingView
On a larger time frame, BTC price is rising after a breakout from the $44,000 zone. If the current candle closes without a long wick, the accumulated energy could be enough for a test of the next resistance level at $46,516.
Image from TradingView
From a medium-term perspective, traders should pay attention to the weekly close. If it happens near the intermediate level of $46,000, there is a chance of a test of the $48,000 range by the end of the month.
At press time, Bitcoin is trading at $45,361.
About the author
Denys Serhiichuk
With over five years of trading experience, Denys has extensive knowledge of both technical and fundamental market analysis. Mainly, he started his blog on TradingView where he publishes all relevant information and makes predictions about top coins.
His experience is backed by working in top blockchain-related companies such as W12, Platinum Listing, ATB Coin and others. They can be contacted at [email protected].
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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