According to CoinStats, the majority of cryptocurrencies are experiencing an upward trend once again.
Bitcoin (BTC) has increased by 1.41% in value over the past 24 hours.
Examining the hourly chart reveals that BTC’s price is currently declining following a failed breakout above the local resistance level at $92,735. Should today’s daily candle close below this threshold, a correction could push Bitcoin down to test support around $90,500 by tomorrow.
Looking at a broader timeframe, Bitcoin’s price is retreating after an unsuccessful attempt to maintain levels above the $94,172 resistance point.
If no significant change occurs before day’s end, it is likely that BTC will continue its descent toward support near $88,156 in the near future.
From a medium-term perspective, traders should closely monitor how price bars close relative to the $94,172 resistance. A decisive close well below this level might lead to testing an intermediate support zone around $85,000 during next week.
At present moment of writing this report, Bitcoin is trading at approximately $90,667.