A New Week of Bulls’ Dominance

According to CoinMarketCap, a new week has begun with bulls’ dominance.

BTC/USD

The price of Bitcoin (BTC) has risen by 3.12% over the last 24 hours.

On the hourly chart, BTC is about to test the local resistance of $87,898. If the daily bar closes above this mark, growth may continue towards the $90,000 zone.

On the larger time frame, attention should be on the candle’s closure regarding the $86,990 level. If the daily bar closes above this and without a long wick, the accumulated energy might be sufficient for a test of the $90,000-$92,000 area.

From a midterm perspective, the price of the leading cryptocurrency is rising following the previous bullish candle’s closure. However, buyers may require more time for BTC to gain enough strength for continued upward movement. In this scenario, sideways trading between $85,000 and $90,000 is most likely.

As of now, Bitcoin is trading at $87,814.