According to CoinStats, nearly all of the top ten cryptocurrencies are experiencing declines today.
Bitcoin (BTC) has seen a slight decrease in value, dropping by 0.21% over the past 24 hours.
Looking at the hourly chart, Bitcoin remains under selling pressure as it hovers close to a local support level around $87,576. If it fails to rebound soon, we might see further downward movement toward the $87,000 mark next week.
On a broader time scale, neither buyers nor sellers have taken control since Bitcoin’s price is distant from key levels. Trading volume is relatively low as well, indicating weak momentum on both sides. This suggests that significant price swings are unlikely in the near term.
The weekly chart reflects a similar pattern: Bitcoin appears to be gathering strength for its next move while consolidating within a tight range between $85,000 and $95,000. This sideways trading phase will probably continue through the end of this month.
At present moment, Bitcoin is priced at approximately $87,844.