Bulls are losing power at the end of the week, according to the price change over the last 24 hours.
Even though the rate of Bitcoin (BTC) has declined by 0.85% since yesterday, the rise over the last week has made up 4.37%.
On the hourly chart, Bitcoin (BTC) is trading in the middle of the local channel between the support at $45,650 and the resistance at $46,953. The buying volume has blasted, which confirms buyers’ energy. If the rise continues, BTC may reach $47,000 by the end of the day.
On the daily time frame, Bitcoin (BTC) has bounced off the support level at $44,776, which means that bulls remain more powerful than bears.
If the price can hold in the range of $46,000-$47,000 by the end of the week, the growth may lead to the zone of $48,000 shortly.
From the mid-term scenario, BTC remains bullish as bulls have fixed above the $45,000 mark. Now, the growth may slowly continue to $50,000 as the power has accumulated enough for further growth. However, a few weeks may pass until buyers come back to the nearest resistance at $52,000.
Bitcoin is trading at $46,451 at press time.