Bulls are facing pressure from sellers, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.23% over the last 24 hours.
Despite today’s drop, the price of the main coin is looking bullish on the hourly chart. If buyers can hold the gained initiative and the daily bar closes far from the $100,767 level, the upward move is likely to continue to the $102,000 area.
On the bigger time frame, one should focus on the bar closure in terms of the $102,098 level. If its breakout occurs, the accumulated energy might be enough for a test of the all-time high within the next few days.
From the midterm point of view, the situation is also bullish.
If the weekly candle closes near the $103,647 level, traders may witness its breakout, followed by a further rise.
Bitcoin is trading at $101,335 at press time.
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