Although the market opened with a bearish tone on Saturday, most cryptocurrencies have managed to recover and are now showing positive gains, as reported by CoinStats.
The value of Bitcoin (BTC) has experienced a modest increase of 0.8% within the past 24 hours.
Examining the hourly chart reveals that BTC briefly surpassed the local resistance level at $95,537 but failed to maintain this breakout.
If buyers can sustain momentum and keep prices near this threshold, we might witness an attempt to challenge the $95,700 to $95,800 range in the near future.
Looking at longer time frames presents a less definitive picture. Bitcoin’s price remains distant from key support or resistance levels, suggesting that significant volatility is unlikely in the immediate term. Overall, consolidation between $95,000 and $97,000 appears probable over coming days.
From a medium-term perspective, traders should closely monitor how this week’s candlestick closes around the critical level of $95,938. A close above this point could unleash enough buying pressure for BTC to target psychological milestones such as $100,000.
At present moment of reporting, Bitcoin is trading near $95,513.