The Bitcoin (BTC) price increased by 1.18% over the past day, marking it as one of the key cryptocurrency market events. Let's take a closer look at the current changes and upcoming trends on the market.
Hourly Chart Analysis
On the hourly chart, the Bitcoin price is decreasing after a false breakout at the resistance level of $96,883. If bear pressure continues, we can expect a test of the support soon.
Daily Analysis and Price Predictions
On the daily timeframe, the major cryptocurrency is gathering momentum for further movement. As it is far from key levels, traders are unlikely to see sharp upward or downward changes. Thus, sideways trading within the $94,000-$97,000 range is expected by the week's end.
Midterm Outlook
From the midterm point of view, trading volume has declined, indicating BTC might need time to accumulate energy for further movement. Therefore, consolidation within the broad range of $92,000-$98,000 seems to be the most likely scenario.
Bitcoin is currently trading at $96,011. The current market data suggests potential sideways movement and accumulation in the coming days, without sharp price fluctuations.
