Bulls Back in the Game

According to CoinStats, bulls have returned to the market in the second half of the day.

BTC/USD

The rate of Bitcoin (BTC) has increased by 0.55% over the last 24 hours.

On the hourly chart, BTC is positioned in the middle of its local channel, with support at $104,923 and resistance at $106,130. Since the price is distanced from key levels, sharp movements are unlikely before tomorrow.

Similarly, on larger time frames, Bitcoin remains within yesterday’s candle, suggesting ongoing sideways trading is the more probable scenario in the coming days.

On the weekly chart, increased volatility is also not anticipated in the near term, backed by declining volume. Overall, consolidation within the range of $103,000-$110,000 is expected until the end of the month.

Bitcoin is currently trading at $105,462.