Bulls may have seized the initiative, from the midterm point of view, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 1.39% over the last day.
On the hourly chart, the price of BTC is going down after a false breakout of the local resistance of $98,159. If the drop continues, one can expect a test of the $96,000 zone by tomorrow.
On the bigger time frame, the rate of the main crypto is trading within yesterday’s bar, which means neither buyers nor sellers are dominating.
In this case, sideways trading in the narrow range of $95,000-$99,000 is the most likely scenario.
From the midterm point of view, one should pay attention to the weekly bar’s closure in terms of the previous candle low. If it happens below $92,000, the drop may continue to the $88,000 zone.
Bitcoin is trading $96,963 at press time.
