Bulls were unable to maintain their momentum until the end of the week in the cryptocurrency market, according to data from CoinMarketCap. Bitcoin (BTC) has seen a decline of 0.54% since yesterday, with a 5.84% decrease over the past week.
On the hourly chart, the price of BTC is hovering near the local resistance level of $97,248. If a breakout occurs, the price could potentially reach the $98,000 range in the coming day. However, on a larger time frame, there is no clear dominance from either bulls or bears, with the price of Bitcoin still far from key levels that would suggest any significant movements in the near future.
In terms of the midterm outlook, traders should closely monitor the weekly closing price around the $97,092 level. A candle closing significantly away from this level could signal a possible bounce back towards the $100,000 mark. This scenario remains relevant until the end of the month, with Bitcoin currently trading at $96,396.
Overall, the cryptocurrency market is experiencing a period of uncertainty, with Bitcoin struggling to maintain its upward momentum. Traders should keep a close eye on key resistance levels and market sentiment to anticipate potential price movements in the coming days. With the market still lacking a clear direction, it is important for traders to exercise caution and closely monitor developments in order to make informed trading decisions.
Despite the recent price declines, there is still potential for a bullish move in the near future, especially if Bitcoin is able to break through the local resistance levels and establish a strong foothold above key price points. This could lead to a potential rally towards the $100,000 mark, but traders should remain vigilant and prepared for any sudden shifts in market sentiment.
In conclusion, the cryptocurrency market remains volatile and unpredictable, with Bitcoin facing challenges in maintaining its upward momentum. Traders should continue to monitor key levels and market indicators to make informed decisions and adapt their strategies accordingly. By staying informed and exercising caution, traders can navigate the market effectively and capitalize on potential opportunities as they arise.
