The cryptocurrency market shows no clear trend today, as reported by CoinStats.
Bitcoin (BTC) has experienced a 1.48% increase in its value compared to the previous day.
Looking at the hourly chart, BTC’s price has surpassed the local resistance level of $91,397. Should buyers maintain control and keep the price above this threshold, it is expected that Bitcoin will continue rising toward the $92,000 range tomorrow.
However, from a medium-term perspective, the outlook appears less optimistic. For bulls to regain momentum, they must push Bitcoin’s price back above the resistance at $94,652.
If successful in breaking this barrier, there could be enough upward pressure for Bitcoin to challenge the $100,000 mark.
Currently examining midterm trends reveals that BTC recently bounced off resistance near $94,652. If by week’s end it closes significantly below this level on its weekly chart bar, we might witness a decline toward approximately $85,000 before month-end.
At present moment of reporting, Bitcoin is trading around $91,143.