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The cryptocurrency market is mainly trading sideways today.
Unlike other coins, the rate of Bitcoin (BTC) has risen by 0.51%.
On the hourly chart, one should pay attention to the resistance level of $37,272. If its breakout happens, the price blast may lead to the test of the $37,500 zone soon.
On the daily time frame, the price of BTC needs more time to accumulate energy for a further move. The falling volume confirms such a statement.
In this regard, consolidation in the narrow range of $37,000-$37,500 is the more likely scenario until the end of the week.
On the weekly time frame, a further midterm rise is possible only if the rate gets back to the $38,000 zone and fixes above it. If that happens, there is a possibility to see a test of the vital zone of $40,000.
Bitcoin is trading at $37,248 at press time.