Buyers remain more powerful than sellers, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has risen by 4% over the last 24 hours.
On the hourly chart, the rate of BTC is looking bearish as it is approaching the support level of $49,763. If the daily bar closes near that mark, the accumulated energy might be enough for a drop to the $49,000-$49,500 zone.
A similar picture can be seen on the bigger time frame. The price of BTC has made a false breakout of yesterday’s bar’s peak. If buyers cannot seize the initiative shortly, traders may expect a test of the support level of $49,048 soon.
From the midterm point of view, one should pay attention to the weekly candle’s closure. If it happens above the interim level of $49,048, growth may continue to $50,000 and above.
In another scenario, bears may locally seize the initiative, which might lead to a correction to the $46,000-$48,000 area.
Bitcoin is trading at $49,630 at press time.