At the start of this week, all of the top ten cryptocurrencies slipped back into negative territory, as reported by CoinStats.
Bitcoin (BTC) experienced a slight decline, falling by 0.4% over the past 24 hours.
Examining the hourly chart reveals that Bitcoin may have established a local support level around $86,701. Given that most of today’s average true range (ATR) has already been utilized, significant price fluctuations are unlikely before tomorrow.
Looking at a broader timeframe, Bitcoin’s technical outlook remains relatively unchanged. The price continues to oscillate within a broad range as it builds momentum for its next directional move.
Therefore, it is probable that Bitcoin will consolidate between $86,000 and $90,000 throughout this week.
From a medium-term perspective, trading volumes continue to decrease. This trend indicates weak participation from both buyers and sellers alike. Consequently, traders should not anticipate any major price swings in the near future.
Currently, Bitcoin is priced at approximately $87,&611 during market hours.