According to CoinStats, there were no indicators of a market reversal on the final day of the week.
The value of Bitcoin (BTC) has dropped by 1.33% compared to yesterday. Over the past seven days, its price has decreased by 7.1%.
Examining the hourly chart reveals that BTC’s price is climbing after establishing a local support level at $87,957. Since most of the daily Average True Range (ATR) has already been covered, significant price swings are unlikely before tomorrow.
Looking at a broader timeframe, bearish momentum dominates the market. Should today’s candle close near current levels, traders might anticipate testing an intermediate support zone around $86,561 in the coming week.
From a medium-term perspective, Bitcoin’s value is declining following an unsuccessful breakout attempt above resistance at $95,938.
If this downward trend persists toward support levels, accumulated selling pressure could trigger a further drop toward approximately $80,000.
At present moment in time, Bitcoin is trading near $88,265.