The crypto market is trading in the neutral zone today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 1% since yesterday.
On the hourly chart, the price of BTC is going down after setting a local resistance level of $98,776. If bulls cannot seize the initiative shortly, one can expect a test of the support by tomorrow.
On the bigger time frame, traders should focus on the nearest level of $99,514. If its breakout happens, there is a chance to see a price blast to the $100,000 zone and above.
From the midterm point of view, bears have failed to maintain the decline after a previous bearish bar closure. However, it is too early to think about a fast reversal, as not enough energy has been accumulated yet.
In this regard, sideways trading in the range of $94,000-$100,000 is the more likely scenario.
Bitcoin is trading at $98,447 at press time.
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