According to CoinStats, sellers are currently outpacing buyers as the week comes to a close.
BTC/USD
The value of Bitcoin (BTC) has seen a slight increase of 0.29% since yesterday.
On the hourly chart, Bitcoin’s price has experienced a false breakout at the local support level of $88,548. If there is no rebound by day’s end, we may anticipate a further decline towards the $88,000 range tomorrow.
Looking at longer time frames, not much has changed in terms of market dynamics. The leading cryptocurrency appears to be gathering momentum for future movements.
This suggests that continued consolidation within the $88,000-$91,000 range is likely in the near term.
From a mid-term perspective, sentiment leans more bearish. Should selling pressure persist from bears, traders might see support tested around $85,225 over the next month.
As it stands now, Bitcoin is trading at $89,139.