According to CoinStats, most cryptocurrencies are expected to undergo a market correction in the near term.
Bitcoin (BTC) has experienced a 2.64% decline in its value over the past 24 hours.
Examining the hourly chart reveals that BTC is approaching a local resistance level around $87,444. Should it break through this barrier, we could anticipate further upward momentum pushing prices toward the $88,000 to $88,500 range shortly thereafter.
However, when looking at longer time frames, the outlook appears less optimistic for bullish traders. The primary cryptocurrency remains distant from key support and resistance zones, suggesting that significant price swings are unlikely in the immediate future.
Overall, Bitcoin is expected to trade sideways within a range between $86,000 and $89,000 for now.
The weekly chart reflects a similar pattern: declining trading volumes indicate that neither buyers nor sellers have gathered sufficient strength to dominate market direction decisively.
At present moment of reporting, Bitcoin’s price stands at approximately $87,302.