| Key Levels | Current Price | Next Target |
|---|---|---|
| $118,500 | $118,592 | $120,000 |
What is the Current Trend for Bitcoin (BTC)?
The current trend for Bitcoin (BTC) is upward, with a recent increase of 1.3% over the last day. If BTC can maintain its position above the local resistance of $118,500, it may continue to rise towards $120,000 in the near future.
How Does Bitcoin’s Price Movement Affect Traders?
Bitcoin’s price movement significantly impacts traders’ strategies. With BTC currently trading at $118,592, traders are closely watching the resistance levels. A breakout above $123,236 could signal a new all-time high, prompting increased trading activity.
Frequently Asked Questions
What factors influence Bitcoin’s price?
Bitcoin’s price is influenced by market demand, investor sentiment, regulatory news, and macroeconomic trends.
How can traders benefit from Bitcoin price fluctuations?
Traders can benefit by buying during dips and selling during peaks, capitalizing on the volatility of Bitcoin’s price.
Key Takeaways
- Bitcoin Price Increase: BTC has risen by 1.3% in the last day.
- Resistance Levels: Key resistance at $118,500 and $123,236.
- Market Outlook: Potential for upward movement towards $120,000.
Conclusion
In summary, Bitcoin’s recent price increase indicates a positive market sentiment. As traders watch key resistance levels, the potential for further gains remains. Stay informed with COINOTAG for the latest updates on Bitcoin and other cryptocurrencies.
Most coins have returned to the red zone on the last day of the week, according to CoinStats.
The price of Bitcoin (BTC) has gone up by 1.3% over the last day.
On the hourly chart, the rate of BTC is trying to fix above the local resistance of $118,500.
BTC/USD
On the bigger time frame, traders should pay attention to the nearest level of $118,775.
If bulls can hold the gained initiative, the energy might be enough for an ongoing upward move to the $120,000 range.
From the midterm point of view, the rate of the main coin is far from the key levels. However, if a breakout of the $123,236 resistance happens, one can expect a new all-time high shortly.
Bitcoin is trading at $118,592 at press time.
Source: https://en.coinotag.com/bitcoin-shows-potential-for-upward-movement-amid-market-challenges/