Crypto Markets Eye Bullish Weekend Surge

The crypto markets are catching the eye of investors this weekend with a potential bullish surge. Bitcoin is on the move, showing a 2.33% increase in value within 24 hours. While the hourly chart hints at a breakout above $64,887, caution is advised as the daily chart remains uncertain. Low trading volume suggests both bulls and bears are hesitant to make significant moves amidst the weekend excitement.

Are Crypto Markets Poised for a Bullish Weekend?

Most cryptocurrencies are showing promising signs of bullish momentum over the weekend, as per CoinMarketCap.

Bitcoin's Bullish Surge

Bitcoin (BTC) has witnessed a 2.33% increase in value over the past 24 hours. On the hourly chart, the price action suggests a potential breakout above the resistance level of $64,887. A successful breakout could propel BTC towards the $66,000 zone.

A Note of Caution on the Daily Time Frame

Despite the bullish hourly trend, the daily chart paints a more cautious picture. Today's slight uptick has not significantly altered the overall technical situation. The low trading volume indicates that both bulls and bears are hesitant to make significant moves.

Sideways Trading: A Likely Scenario

Given the current market conditions, sideways trading within the $63,000-$67,000 range appears to be the most probable outcome in the near term.

Midterm Outlook: Closely Monitoring Bar Closures

From a midterm perspective, it is crucial to monitor the bar closures in relation to the previous candle's low. If BTC closes below this level, it could signal a potential decline towards the $60,000 zone.

Current Price

At the time of writing, Bitcoin is trading at $64,612.