According to CoinMarketCap, the bears are predominantly influencing the market as we approach the end of the week.
BTC/USD
The value of Bitcoin (BTC) has seen a slight decrease of nearly 1% since yesterday. However, over the past week, it has experienced a modest increase of 0.44%.
Analyzing the hourly chart reveals that BTC’s price is trending downward following a breach below its local support level at $90,071. Should this decline persist and if today’s closing price falls beneath $90,000, we may see testing within the range of $88,000 to $89,000.
When looking at larger time frames, it becomes evident that bearish sentiments dominate over bullish ones. A break below the nearby support level at $89,269 could trigger enough momentum for prices to drop further towards $88,000.
This scenario remains plausible through next week’s conclusion.
From a mid-term perspective, BTC’s value is declining after failing to sustain above its previous high of $94,172. In light of no significant reversal indicators appearing thus far; an ongoing correction towards a range between $80,000 and $85,000 seems increasingly likely.
As it stands now Bitcoin is priced at approximately $89,298.