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.
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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.