The bullish momentum failed to sustain throughout the day, leading most cryptocurrencies to slip back into negative territory, as reported by CoinStats.
Bitcoin (BTC) has experienced a 1% decline in its value over the past 24 hours.
Examining the hourly chart reveals that BTC is breaking below a local support level near $86,850. Should bearish traders maintain control, prices could soon drop further toward the $86,000 threshold.
Looking at a broader timeframe, attention should be given to how the daily candle closes. If it settles around current levels with an extended upper wick, this may signal continued downward pressure pushing Bitcoin closer to $85,000.
From a medium-term perspective, Bitcoin remains distant from critical price points. Additionally, declining trading volumes suggest that significant price swings are unlikely in the upcoming week.
At present moment of writing, Bitcoin is valued at approximately $86,860.