According to CoinStats, the cryptocurrency market is experiencing an upward trend as the weekend begins.
BTC/USD
In the past 24 hours, Bitcoin (BTC) has seen a modest increase of 0.68% in its value.
The hourly chart indicates that BTC has established a local resistance level at $87,702. Should the daily candle close near this point, traders might anticipate further price growth towards the $88,000 range in the near future.
Looking at longer time frames, neither bulls nor bears have gathered sufficient momentum to take control of the market.
This suggests that a consolidation phase within a tight range of $87,000 to $89,000 is more probable moving forward.
From a mid-term perspective, similar conditions prevail. The leading cryptocurrency’s price remains centered within its channel; thus increased volatility is unlikely until month-end approaches.
As of now, Bitcoin’s trading price stands at $87,532.