Cryptocurrency Bitcoin (BTC) is currently experiencing a calm market movement. The rate of Bitcoin (BTC) has risen by 1.53% over the last 24 hours and is currently trading at $26,887. Analyzing the hourly chart, it is evident that the currency is trading in the middle of a narrow channel between the two levels of support at $26,710 and resistance at $26,994. If the 24-hour candle closes above the interim mark of $26,900, the currency is possibly expected to have enough drive to break through and rise to the $27,000 zone. On a larger time frame, Bitcoin (BTC) has made a false breakout of the $26,541 level. Despite this, sellers remain relevant to the market as the rate has failed to return above the $27,000 area. Hence, there is a potential chance to observe a decline of the currency to $26,000 and further down, should buyers be unable to countersellers. Taking into account the longer term, traders should be attentive to the bar closure. If it happens far from the $26,541 level, there is a probability of viewing a bounce back to the $27,000 to $28,000 range by the conclusion of the month.

Overall, Bitcoin (BTC) is seemingly standing at a crucial cross roads and will require extreme caution and observation in order to detect the market’s respective direction. In order to secure success, traders should be perceptive to the hourly candle closure and keep vigilance in the event of any potential bullish and bearish movements. Analysts are also suggested to monitor the rate against the level of $26,541 at the midway period and anticipate the currency's direction based on its movements.



Other News from Today