According to CoinStats, the cryptocurrency market is nearing a downturn.
BTC/USD
The value of Bitcoin (BTC) has decreased by 0.31% compared to yesterday’s figures.
On the hourly chart, BTC experienced a false breakout at the local resistance level of $112,579.
If buyers can maintain their momentum and the daily candle closes near this level, there is potential for an upward movement towards the $113,000 range tomorrow.
Looking at longer time frames, the outlook appears more optimistic than pessimistic. Should a breakout occur above $113,645, it could generate enough momentum for a test of around $116,000 in the near future.
From a mid-term perspective, Bitcoin’s price remains distant from critical levels. If this week’s candle closes around current values, we may see sideways trading within a range of $111,000 to $114,000 as the most probable outcome.
At present moment Bitcoin is valued at $112,382.