The price of Bitcoin (BTC) experienced a minor decline of 0.38% over the past 24 hours, as reported by CoinStats. As of the latest update, Bitcoin is trading at $87,306.
On the hourly chart, a recent surge has followed a false breakout from the local support level of $86,718. If the buying momentum can be sustained, there could be an opportunity for a resistance test by tomorrow.
However, analysis of longer time frames paints a less optimistic picture. The current price remains distant from critical levels, suggesting that both buyers and sellers lack the strength needed for a significant market movement. This observation is further supported by a decline in trading volume.
Given the present conditions, sideways trading within the range of $86,000 to $89,000 appears to be the most likely scenario. From a midterm perspective, the market dynamics reflect a similar trend, with no clear dominance from either side, indicating that increased volatility is unlikely for the remainder of the month.
