The bulls are losing strength at the end of the week, in line with the price change over the past 24 hours.
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BTC/USD
Although Bitcoin (BTC) price is down 0.85% since yesterday, last week’s gain has recouped 4.37%.
BTC/USD chart by TradingView
On the hourly chart, Bitcoin (BTC) is trading in the middle of the local channel between support at $45,650 and resistance at $46,953. Purchase volume has exploded, which confirms the energy of buyers. If the surge continues, BTC could reach $47,000 by the end of the day.
BTC/USD chart by TradingView
On the daily timeframe, Bitcoin (BTC) has bounced off the support level at $44,776, indicating bulls remain stronger than bears.
If the price holds in the $46,000-47,000 range by the end of the week, growth could lead to the $48,000 zone shortly.
BTC/USD chart by TradingView
From the medium-term scenario, BTC remains bullish as the bulls have fixed above the $45,000 level. Now growth might slowly resume to $50,000 as enough energy has accumulated for further growth. However, it may be a few weeks before buyers return to the next resistance at $52,000.
Bitcoin is trading at $46,451 at press time.