Bitcoin News Today: Bitcoin Gains 1.29% Weekly Bullish Momentum Continues

Bitcoin (BTC) has seen a 1.29% increase in its rate since yesterday, ending the week under bulls' dominance. On the hourly chart, the price of BTC has potentially established a local support level at $118,475. However, significant price movements are unlikely by tomorrow, as most of the daily Average True Range (ATR) has already been utilized. This suggests that sideways trading around the $120,000 mark is the most probable scenario for the near term.

On a longer time frame, neither buyers nor sellers have taken a decisive lead, with low trading volume indicating a lack of momentum for sharp price movements. This scenario points towards a consolidation phase within the $117,000-$120,000 range by the end of the week. The midterm outlook for Bitcoin shows that the price is distant from key levels, with a focus on the previous candle high of $119,482. If the price closes significantly below this level, there is a potential for a local decline to the $110,000-$115,000 range.

At the time of reporting, Bitcoin is trading at $119,377. The current market conditions suggest a period of consolidation, with neither bulls nor bears having enough strength to drive significant price movements. Traders should monitor the $119,482 level closely, as a break below this point could signal a potential decline to the $110,000-$115,000 range. Conversely, a strong hold above this level could indicate continued bullish momentum in the near term.