The Bitcoin rate remains largely unchanged since yesterday. Analysts predict possible changes should seller pressure increase.
Current Rates
At press time, Bitcoin is trading at $98,300. Sellers are maintaining significant pressure on the buying activity, according to CoinMarketCap.
Short-term Analysis
On the hourly chart, Bitcoin's price is near the local resistance of $99,089. Continued seller pressure could lead to a breakout towards the $100,000 area. However, there seems to be insufficient accumulated energy for further upward movement at the moment.
Mid-term Prospects
On a larger time frame, Bitcoin is in the middle of a wide channel. If nothing changes by the week's end, sharp movements are unlikely. The most probable scenario is trading sideways in the range of $97,000 to $100,000.
The overall picture suggests that Bitcoin's rate stability remains in place for the near future. If current trends persist, fluctuations are expected within the defined range.
