According to CoinStats, bulls are dominating as the year draws to a close.
Bitcoin (BTC) has experienced an increase of nearly 1% in its value over the last 24 hours.
The hourly chart reveals that BTC briefly broke above a local resistance level at $88,889 but failed to sustain it. Should buyers manage to maintain momentum and hold prices near this threshold, there is potential for further gains pushing toward the $90,000 range.
Looking at the medium-term outlook, however, the scenario appears less optimistic. Bitcoin’s price remains distant from key support and resistance zones, suggesting that sideways movement around current levels is likely through the end of this week.
The volume trend also supports this view; trading activity continues to decline, indicating a lack of strong participation from both buyers and sellers alike.
Overall, market participants can anticipate ongoing consolidation within a tight band between $86,000 and $92,000 for now.
At present moment of writing, Bitcoin is priced at approximately $88,574.