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The cryptocurrency market is mainly red at the beginning of the weekend, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has declined by 0.35% over the last day.
On the hourly chart, the rate of BTC has broken the local resistance of $89,800. If bulls can hold the gained initiative and the daily bar closes far from that mark, the upward move may continue to $91,000.
On the bigger time frame, the situation is more bearish than bullish. As the price of the main crypto is far from the key levels, one should pay attention to the candle closure in terms of yesterday’s bar low.
If it happens near $88,000, there is a high chance to see an ongoing correction to the $86,000 range.
From the midterm point of view, neither side has seized the initiative. The volume remains low, confirming the absence of buyers' and sellers' energy. All in all, traders are unlikely to witness sharp moves soon.
Bitcoin is trading at $89,927 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team