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BTC/USD

The rate of Bitcoin (BTC) has increased by 1.08% over the last 24 hours.

Image by TradingView

Despite today’s rise, the rate of Bitcoin (BTC) is neither bullish nor bearish, as it is trading in the middle of the channel, between the support at $30,900 and the resistance at $31,108.

There are few chances to see any sharp moves by the end of the day, as most of the daily ATR has passed. In this case, consolidation in the area of $31,000 is the more likely scenario.

Image by TradingView

On the bigger time frame, the situation is better for bulls as the rate is located near the resistance at $31,458. If the price closes above the $31,000 zone, the accumulated energy might be enough for a resistance breakout, followed by a blast to the $32,000 zone.

Image by TradingView

On the weekly chart, one should expect a bar closure. If it happens near the recently formed resistance at $31,458, it might be a prerequisite for a breakout. All in all, the rise may continue to the $32,000 area by mid-July.

Bitcoin is trading at $30,974 at press time.