Bitcoin (BTC) Price Analysis for July 12

Most of the top 10 coins have returned to the red zone, according to CoinStats.

BTC/USD

The rate of Bitcoin (BTC) has declined by 0.24% since yesterday.

On the hourly chart, the price of BTC is in the middle of the local channel. As most of the daily ATR has been passed, any sharp moves are unlikely to happen by tomorrow.

On the bigger time frame, the rate of the chief crypto is within yesterday’s bar, which means neither buyers nor sellers are controlling the situation at the moment.

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All in all, consolidation around the current prices is the more likely scenario until tomorrow.

From the midterm point of view, there are no reversal signals yet. If the candle closes with no long wick, the upward move is likely to continue to a new all-time high next week.

Bitcoin is trading at $117,503 at press time.