Latest in Cryptocurrency Market: Bullish Trends
As per the current trends in the CoinMarketCap ranking, bulls are trying to take control of the market by the end of the day.
Top Coins by CoinMarketCap
Image Source: CoinMarketCap
Bitcoin (BTC/USD)
Bitcoin (BTC) is one of the most significant cryptocurrencies which is displaying a positive trend. The price of Bitcoin has risen by 0.21% over the past 24 hours.
Image Source: TradingView
Detailed Analysis
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Hourly Chart
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Daily Time Frame
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Weekly Chart
The hourly chart for Bitcoin presents an optimistic picture as the price is trying to secure a position above the crucial zone of $26,000. If it achieves this target, there is a substantial probability of seeing a resistance breakout leading to further growth towards the $26,500 zone.
Chart Source: TradingView
The daily time frame indicates that Bitcoin is not yet poised for any abrupt move since it hasn’t gathered enough momentum. However, if the upward trend perseveres to the resistance at $26,264, the buyers may grab the reins leading to a probable test of the $27,000 milestone soon.
Chart Source: TradingView
The weekly chart for Bitcoin portrays a false breakout of $25,601 support. If the bar closes substantially far from this mark, a market correction towards the zone of $26,800-$27,000 is very much possible by the end of the month.
The Current Market Price
At the time of this report, Bitcoin is trading at $26,117.
This brief analysis paints a bullish picture for Bitcoin, suggesting that the cryptocurrency could see growth soon. Stay tuned for more market updates.