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The market could take some time to gain energy for further movement.
BTC/USD
The price of Bitcoin (BTC) has fallen by 1.48% in the last 24 hours.
On the hourly chart, the situation is currently unclear as neither bulls nor nears have taken the initiative. However, if the bar closes near the $37,268 level, buyers are likely to maintain the uptrend towards the $38,000 zone.
On the daily time frame, the price remains stuck in a narrow channel between the support at $35,968 and the resistance at $37,978. Volume has declined, so BTC needs time to regain strength for further movement.
Overall, a consolidation in the $36,500-$37,500 area is the more likely scenario for the next few days.
From a medium-term perspective, buyers remain stronger than sellers as the price continues to rise after breaking above the $31,500 level. If the candle closes without a long wick, the rise could continue into the $40,000 area and above.
At press time, Bitcoin is trading at $37,109.
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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