How long is accumulation period of Bitcoin (BTC) going to last?
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The market is trying to rise as the majority of the coins are in the green zone.
The rate of Bitcoin (BTC) has increased by 0.88% over the last 24 hours.
On the hourly chart, Bitcoin (BTC) is trading near the local resistance level of $16,881. If the daily bar closes near it or even above, there is a good chance to see an upward move to the $17,000 zone tomorrow.
The situation remains unchanged on the bigger time frame, as Bitcoin (BTC) has not accumulated enough power for a sharp move. Traders can think about a possible rise only above the $17,000 mark.
On the weekly chart, the price has made a false breakout of the $16,572 mark. If buyers can hold the gained initiative, the next area at which bears’ pressure is possible is the zone around $17,200. Such a scenario is relevant until the end of the month.
Bitcoin is trading at $16,838 at press time.