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According to CoinStats, buyers are not giving up easily.
BTC Chart by CoinStats
BTC/USD
Bitcoin (BTC) price has increased by 1.22% since yesterday.
Image by TradingView
On the hourly chart, the BTC rate is rising after breaking through the local level of $61,246. If the daily chart is above that mark and we don’t have a long wick, growth could continue into the weekend.
Image by TradingView
Looking at the larger time frame, the price of the leading cryptocurrency continues to rise after a false breakout of the support at $59,189. However, it may take more time for BTC to gather energy for further moves.
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In this case, a more likely scenario is trading sideways in the $61,000 to $63,000 zone.
Image by TradingView
On the weekly chart, the BTC rate is in the middle of a wide channel between support at $53,550 and resistance at $73,794. The volume continues to drop, which means that no side is ready for sharp movements. In this case, traders could see continued sideways trading in the $60,000 to $66,000 range.
At the time of writing, Bitcoin is trading at $61,813.
