According to CoinStats, the majority of cryptocurrencies are experiencing losses today.
The value of Bitcoin (BTC) has dropped by 1.23% within the past 24 hours.
Examining the hourly chart reveals that Bitcoin’s price is falling after breaking below a local support level at $95,135. Should the daily candle close significantly beneath this point, traders might anticipate further declines toward the $94,000 range tomorrow.
Looking at a broader timeframe, Bitcoin continues its downward trend following yesterday’s bearish close. If today’s bar ends near its low, there is a strong possibility that prices will test the $93,000 to $94,000 zone before week’s end.
From a medium-term perspective, it is crucial to monitor how this week’s candle closes relative to the $95,938 mark. A close well below this level could empower sellers and potentially push Bitcoin down into the $90,000-$92,000 territory.
At present moment of reporting, Bitcoin trades around $94,541.