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The cryptocurrency market has quickly changed to red, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.78% since yesterday.
On the hourly chart, the price of BTC is approaching the local support at $95,753. If its breakout occurs, the decline may continue to the $95,000 zone tomorrow.
On the longer time frame, traders should focus on the nearest level at $94,652. Until the rate is above that mark, buyers are controlling the situation on the market.
Moreover, the volume remains high, which means a further upward move is more likely than a price drop.
From the midterm point of view, the picture is similar. If the weekly candle closes above the $94,652 mark, traders may see a test of the $100,000 zone by the end of the month.
Bitcoin is trading at $95,883 at press time.
Denys Serhiichuk
Gamza Khanzadaev
Tomiwabold Olajide
Godfrey Benjamin