Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The market is slightly coming back to the red zone, even though some coins keep trading in the green area, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has risen by 0.65% over the last 24 hours.
On the hourly chart, the rate of BTC is going down after setting a local resistance of $89,150. If the daily bar closes far from that mark, the correction is likely to continue to the $86,000 area soon.
On the longer time frame, none of the sides is dominating, as the price of the main coin is far from support and resistance levels.
As none of the sides is dominating, there are low chances of seeing sharp moves this week.
From the midterm point of view, the situation is similar. The volume is low, which means neither buyers nor sellers have enough energy. All in all, consolidation in the range of $84,000-$94,000 is the most likely scenario until the end of the month.
Bitcoin is trading at $88,147 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team