Bitcoin Rises 0.37% But Faces Near Term Resistance

Bitcoin (BTC) has experienced a slight increase of 0.37% since yesterday, with buyers currently holding more power than sellers, according to CoinStats. However, there are some exceptions to this trend.

On the hourly chart, the price of BTC is hovering near the local support level of $104,232. If the price does not rebound by tomorrow, traders can anticipate a test of the $104,000 range in the near future.

On the daily time frame, the price of the main cryptocurrency has once again bounced off the resistance level of $106,635. If the candle closes near its low, there is a possibility of an ongoing downward move towards the $103,000-$104,000 area.

From a mid-term perspective, neither buyers nor sellers are dominating the market, as the price is far from key levels. Additionally, the trading volume is decreasing, indicating that sharp price movements are unlikely in the near future.

At the time of press, Bitcoin is trading at $104,696. According to the analyst's forecast, if the price does not rebound by tomorrow, traders can anticipate a test of the $104,000 range in the near future. If the candle closes near its low, there is a possibility of an ongoing downward move towards the $103,000-$104,000 area. From a mid-term perspective, neither buyers nor sellers are dominating the market, as the price is far from key levels. Additionally, the trading volume is decreasing, indicating that sharp price movements are unlikely in the near future.