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The cryptocurrency market is going down today, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has declined by 0.38% over the last 24 hours.
On the hourly chart, the rate of BTC is rising after a false breakout of the local support of $86,718. If buyers can hold the gained initiative, one can expect a test of the resistance by tomorrow.
On the longer time frame, the situation is less bullish. The price of the main crypto is far from key levels, which means neither buyers nor sellers have enough energy for a sharp move.
This is also confirmed by the falling volume. In this case, sideways trading in the range of $86,000-$89,000 is the most likely scenario.
From the midterm point of view, the picture is similar. As none of the sides is dominating, traders are unlikely to see increased volatility for the rest of the month.
Bitcoin is trading at $87,306 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team