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Neither bulls nor bears are controlling the situation on the market at the beginning of the week, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has fallen by 0.19% since yesterday.
The rate of BTC is near the local resistance at $88,389. If the daily bar closes above that mark, the upward move is likely to continue to the $89,000 zone soon.
On the longer time frame, the price of the main crypto is going up after a bounce back from the support at $86,363.
If the bar closes far from that mark, traders may witness an ongoing upward move to the $90,000 zone for the rest of the week.
From the midterm point of view, the situation is unclear as the rate of BTC is far from key support and resistance levels. Thus, the volume has dropped, confirming the absence of buyers and sellers' energy. In this case, sideways trading in the range of $86,000-$90,000 is the most likely scenario until the end of the month.
Bitcoin is trading at $88,184 at press time.
Tomiwabold Olajide
Denys Serhiichuk
Gamza Khanzadaev