Bitcoin Price Forecast: $113,000-$114,000 Range Expected Amid Low Volume and Sideways Trading

Bitcoin's price has risen by 2% over the past 24 hours. The current price is $111,369. The hourly chart shows the price in the middle of a channel between $110,597 and $111,787. A breakout above the daily resistance of $111,775 could lead to a further upward move to the $113,000 range. However, from a midterm perspective, sideways trading in the $110,000-$114,000 zone is more likely due to low volume.

Bitcoin's price has shown resilience, climbing by 2% over the past 24 hours to reach $111,369. The hourly chart illustrates the price oscillating within a channel between $110,597 and $111,787, indicating a period of consolidation [2]. A potential breakout above the daily resistance level of $111,775 could signal a further upward movement, targeting the $113,000 range [1].

However, from a midterm perspective, sideways trading in the $110,000-$114,000 zone appears more likely due to the low volume observed in recent trading sessions [1]. This suggests a cautious approach from traders, who are likely to be more risk-averse due to the current market conditions.

The Bitcoin market remains volatile, with traders and investors closely watching for any signs of a trend reversal. The recent price action has been characterized by mixed signals, with oscillators largely non-committal and moving averages providing a mixed picture. The relative strength index (RSI) is at 46, the Stochastic oscillator is at 33, and the commodity channel index (CCI) is at -41, all of which suggest a neutral market [1].

The market's indecision is further underscored by the divergence between the momentum (MOM) and moving average convergence divergence (MACD) indicators. The MOM prints -1,936 with a bullish signal, while the MACD level sits at -1,670 with a bearish signal, capturing the ongoing tug-of-war at resistance levels [1].

In the short term, traders are advised to maintain a disciplined approach, with a focus on risk management and strategic entry points. A breakout above $111,775 on strong volume could provide a catalyst for a sustained upward move, while a loss of support below $110,000 could signal a deeper corrective leg.

References:
[1] https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-price-watch-mixed-signals-emerge-near-key-112k-barrier
[2] https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-price-watch-110k-bounce-signals-reversal-or-just-a-pause