Bulls are trying to come back to the game, according to CoinStats.BTC chart by CoinStats

BTCUSD

The rate of Bitcoin BTCUSD has risen by 2.23% over the past 24 hours.Image by TradingView

On the hourly chart, the price of BTC might have set a local resistance level of $59,516. As most of the daily ATR has been passed, there are low chances to expect any sharp moves by the end of the day. 

However, if the bar closes near $59,500, the ongoing upward move may continue tomorrow.Image by TradingView

A similar picture can be seen on the bigger time frame. Buyers are trying to seize the initiative after yesterday’s bearish closure. If they manage to do that, traders may witness a test of the vital mark of $60,000 shortly.Image by TradingView

On the weekly chart, it is too early to think about a quick reversal as the price of BTC has not accumulated enough energy yet. In this case, sideways trading between $57,000 and $60,000 is the more likely scenario.

Bitcoin is trading at $59,027 at press time.