The market remains neutral on the last trading day of the week. Let's take a closer look at the current events in the Bitcoin market.
Bitcoin Price Decline on Daily Chart
The price of Bitcoin (BTC) has fallen by 0.49% over the last day. On the hourly chart, the rate of Bitcoin is declining after breaking the local support of $96,170. If sellers' pressure continues and the bar closes far from that mark, there is a chance of a test of the $95,500 range soon.
Longer Time Frame Outlook
On the bigger time frame, bulls have failed to maintain the rise after yesterday's bullish closure. If the candle closes below the previous bar low, traders may witness an ongoing correction to the support of $94,091 the upcoming week.
Midterm Bitcoin Market Dynamics
From the midterm point of view, neither bulls nor bears are dominating. The volume keeps going down, which means any sharp moves are unlikely to happen soon. All in all, sideways trading in the range of $94,000-$100,000 is the more likely scenario.
Bitcoin is trading at $96,037 at press time. With neutral market dynamics, market participants prefer to wait and see how events unfold.
