Today, the cryptocurrency market is experiencing a downturn, as reported by CoinStats.
BTC/USD
In the past 24 hours, Bitcoin (BTC) has seen a decrease of 0.38% in its value.
The hourly chart indicates that BTC’s price is recovering following a brief dip below the local support level of $86,718. Should buyers maintain their momentum, we could anticipate an attempt to test resistance levels by tomorrow.
However, when looking at longer time frames, the outlook appears less optimistic. The leading cryptocurrency’s price remains distant from significant levels, suggesting that neither buyers nor sellers possess sufficient strength for any drastic movements.
This observation is further supported by declining trading volumes. Consequently, it seems most probable that we will see sideways trading within the range of $86,000 to $89,000.
From a mid-term perspective, conditions appear similar. With no clear dominance from either side in this market environment; traders are unlikely to witness significant volatility for the remainder of this month.
As of now, Bitcoin is priced at $87,306.