The market has not reached the overbought zone yet, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has gone up by 3.86% since yesterday.
On the hourly chart, the price of BTC is above the local resistance of $90,629. If the daily bar closes above this mark, growth may continue to the $92,000-$93,000 range shortly.
On the bigger time frame, the rate of the main crypto is trading within yesterday’s bar, which means none of the sides is dominating.
Thus, the volume has reduced, confirming the absence of bullish energy. In this case, sideways trading in the zone of $89,000-$92,000 is the more likely scenario.
From the midterm point of view, traders are focusing on the weekly candle’s closure. If it happens around its peak, the rise may lead to a test of the $100,000 zone.
Bitcoin is trading at $90,561 at press time.
