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Denys Serhiichuk
How long will the rise in Bitcoin (BTC) continue before the correction occurs?
The market continues to rise on the last day of the week as most coins are in the green zone.
BTC/USD
The Bitcoin (BTC) rate has increased by 2.72% in the past 24 hours.
On the hourly chart, the price broke the resistance level at $23,498. If the bulls can hold the rate above this mark until the end of the day, the momentum could continue to the $24,000 area tomorrow.
On the larger timeframe, price is poised to settle above the same resistance at $23,500. The volume is low, which means that the sellers are not strong enough to take the initiative. If the candle settles above the aforementioned mark, the accumulated energy could be enough to move to the $25,000 area.
A bullish situation is also on the weekly chart as the bar is about to close without long wicks, which means there is a strong chance of seeing a continued rise. If that happens, the growth may lead to a test of the nearest resistance at $25,512.
Bitcoin’s market capitalization has increased by 43.35% from January 1 to today. At press time, Bitcoin is trading at $23,585.
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