Bitcoin's price has shown a recent uptick, sparking renewed interest in its short-term and midterm trajectory. As the cryptocurrency market generally trends upwards at the close of the weekend, eyes are on the leading digital asset to see if it can maintain its momentum and break through key resistance levels.
Short-Term Price Dynamics
On the hourly chart, Bitcoin (BTC) experienced a false breakout of its local resistance at $91,541. Despite this initial hurdle, if bulls manage to sustain their initiative and prevent a significant correction, traders could anticipate a test of the $92,000 mark in the near future. Zooming out to the daily timeframe, there are currently no clear reversal signals, suggesting that the recent upward trend might continue. A daily candle close around the interim $92,000 level could provide enough accumulated energy to propel Bitcoin towards its next significant resistance point at $94,199.
Midterm Outlook and Market Sentiment
Despite the short-term bullish signals, the midterm outlook for Bitcoin remains largely neutral. The market is characterized by low trading volume, indicating a lack of decisive action from either bulls or bears who are not yet ready to seize firm control. This suggests that while there might be fluctuations, a sustained directional move is unlikely in the immediate midterm. Consequently, the most probable scenario points to continued sideways trading, with Bitcoin's price expected to oscillate within the range of $90,000 to $93,000. At press time, Bitcoin is trading at $91,190.
