The week is concluding positively for the majority of cryptocurrencies, as reported by CoinMarketCap.
BTC/USD
Bitcoin’s (BTC) price has increased by 1.44% in the past 24 hours.
Despite today’s gains, the short-term trend for BTC appears bearish on the hourly chart. Should there be a breakout from local support, the built-up momentum might propel the price towards the $84,000 level.
On a broader time frame, Bitcoin’s price is quite distant from key levels. If buyers aim to regain lost momentum, they must get BTC above the resistance level of $88,772.
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In that scenario, the accumulated momentum could be sufficient for testing the $90,000 range and beyond.
From a midterm perspective, traders should keep an eye on the weekly candle’s closure. If it concludes near $88,000 without a long wick, the bullish trend is likely to proceed towards the $90,000-$92,000 range.
Currently, Bitcoin is trading at $84,496.
