According to CoinStats, most cryptocurrencies are experiencing a decline in their prices today.
The value of Bitcoin (BTC) has dropped by 2.37% within the past 24 hours.
Examining the hourly chart reveals a bearish trend for BTC. Should the price settle below the immediate support level at $91,302, it is likely that traders will witness a test of the $90,000 range shortly.
Looking at a broader timeframe, Bitcoin’s downward movement persists following an unsuccessful attempt to break through resistance at $94,652. Currently, attention should be directed towards the nearby support level of $90,536.
If BTC closes below this threshold, there could be enough momentum to push its price down further into the $89,000-$90,000 zone.
From a midterm perspective, Bitcoin recently rebounded off resistance near $94,652. However, if buyers fail to gain control and candles close significantly below this point on subsequent sessions, additional correction may occur.
At present moment of reporting, Bitcoin is trading around $91,445.