The price of Bitcoin (BTC) has increased by 3.28% since yesterday, with the current trading price at $97,458. On the hourly chart, BTC is moving within a local channel between support at $96,226 and resistance at $97,717. Most of the daily average true range (ATR) has been covered, suggesting limited expectations for sharp moves within the next day.
On higher time frames, the market presents a bullish outlook, approaching the major resistance at $97,470. If Bitcoin closes above this threshold, particularly without a long wick on the chart, the price could continue its ascent toward $98,000. For the midterm, a weekly candle closure above $98,871 would be crucial; such a move could provide the momentum needed to test the significant $100,000 range.
