As the weekend begins, most cryptocurrencies are experiencing an upward trend, according to data from CoinStats.
The value of Bitcoin (BTC) has increased by approximately 0.5% compared to the previous day.
Examining the hourly chart reveals that Bitcoin’s price is positioned closer to its support level than its resistance, indicating that bearish forces currently have a slight edge over bullish momentum.
Looking at a broader timeframe, Bitcoin’s price remains distant from critical support and resistance zones. Trading volume is relatively low, suggesting that neither buyers nor sellers are prepared for a significant price movement at this moment.
Overall, it appears likely that Bitcoin will continue to trade sideways within the range of $88,500 to $90,500 in the near term.
From a medium-term perspective, after failing to maintain levels above $94,652, Bitcoin’s price has started declining. Should this downward trend persist, it may lead to testing key support levels in the upcoming week.
At present time of writing, Bitcoin is valued around $89,207.