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The market is back to red after a slight bounce back, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has dropped by 1.03% since yesterday.
On the hourly chart, the rate of BTC has made a false breakout of the local support at $89,974. However, if the daily bar closes near that mark or below it, traders may witness a further drop to the $88,500 zone.
On the longer time frame, the price of the main crypto is within yesterday's bar, which means none of the sides has seized the initiative yet.
In this case, sideways trading in the zone of $88,000-$90,000 is the most likely scenario until the end of the week.
From the midterm point of view, the rate of BTC is going down after a false breakout of the local resistance at $94,652. If the drop continues, one can expect a test of the support for the rest of the month.
Bitcoin is trading at $88,785 at press time.
Denys Serhiichuk
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev