According to CoinStats, the market sentiment on Monday is predominantly bearish.
The value of Bitcoin (BTC) has decreased by 2.17% compared to the previous day.
Examining the hourly chart, Bitcoin’s price currently sits midway within a local trading range, bounded by support at $91,917 and resistance at $93,632. Given that most of the daily Average True Range (ATR) has already been covered, significant price swings are unlikely before tomorrow.
Looking at a broader timeframe, neither buyers nor sellers have gained clear control yet. Trading volume remains subdued, indicating a lack of strong momentum from either bulls or bears.
This suggests that Bitcoin will likely continue moving sideways within the $93,000 to $94,000 range over the coming days.
From a medium-term perspective, traders should monitor the key resistance level near $95,938. As long as prices stay below this threshold, bearish forces maintain dominance and further downward correction in BTC’s price can be anticipated.
At present moment of reporting, Bitcoin is priced around $92,&901.