Cryptocurrencies are experiencing a positive trend today, according to CoinStats data. Bitcoin (BTC) has seen a modest 0.35% increase in price over the past 24 hours. On the hourly chart, Bitcoin’s rate appears to have made a false breakout of its support level at $114,871. Despite exceeding most daily ATR levels, there is a low likelihood of significant volatility tomorrow. Longer-term, we observe that Bitcoin has bounced off yesterday’s bar low at $114,706. If this level is surpassed, the price may continue to fall to the $112,000-$113,000 range. Looking further out, the situation appears more bearish than bullish as Bitcoin has experienced a decline following the recent bearish bar closure. If bulls fail to gain momentum soon, we could see a retest of the support level. At present, Bitcoin is trading at $115,599.