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The last day of the week is more bearish than bullish for the cryptocurrency market, according to CoinMarketCap rankings.
Top Coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) price is down 0.29% since yesterday. Over the past week, the price has fallen by 0.41%.
Image by TradingView
On the hourly chart, Bitcoin (BTC) price is in the middle of the tight range between support at $30,472 and resistance at $30,557. Any sharp moves are unlikely until the end of the day as most of the daily ATR has been exceeded.
In this case, a continued consolidation in the $30,500 range is the most likely scenario.
Image by TradingView
On a larger scale, the situation is similar as neither the bulls nor the bears have taken the initiative. If the buyers want to take the lead, they need to restore the rate to the $31,200 zone. In this case, there is a strong possibility of seeing a break of the resistance at $31,458.
Image by TradingView
From a medium-term perspective, traders should pay attention to the recent candle high at $31,458. If the bar closes above without a long wick, the upside may continue and lead to a test of the next resistance level at $32,376.
Bitcoin is trading at $30,502 at press time.
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