Bitcoin (BTC) has seen a positive start to the weekend, with a 2.33% increase in its price over the last 24 hours, as reported by CoinMarketCap. On the hourly chart, BTC is showing a bullish trend, attempting to break the local resistance level at $64,887. Should it successfully surpass this level, further growth towards the $66,000 zone is anticipated.
However, the daily time frame paints a less optimistic picture. Despite the slight increase today, the overall technical situation remains unchanged. The falling volume indicates a lack of momentum from both bulls and bears, suggesting that a significant move may not be imminent.
As a result, sideways trading within the range of $63,000 to $67,000 appears to be the more likely scenario in the coming days. It is worth noting the importance of the bar closure in relation to the previous candle’s low from a midterm perspective. If the closure happens below that level, it could lead to a drop and a potential test of the $60,000 zone in the near future.
At the time of writing, Bitcoin is trading at $64,612.