The cryptocurrency market has swiftly turned bearish, as reported by CoinStats.
BTC/USD
Bitcoin’s value (BTC) has experienced a decrease of 0.78% compared to the previous day.
On the hourly chart, Bitcoin is nearing a local support level at $95,753. Should it break through this point, further declines could push the price down to around $95,000 by tomorrow.
Looking at longer time frames, traders should pay attention to the critical level of $94,652. As long as prices remain above this threshold, buyers are still in control of market dynamics.
Additionally, trading volumes remain elevated; this suggests that an upward movement is more probable than a decline in prices.
From a mid-term perspective, the outlook appears consistent. If the weekly candle closes above $94,652, traders might anticipate testing the $100,000 mark before month-end.
As of now, Bitcoin is priced at $95,883.