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Bitcoin (BTC) Price Analysis: Current Market Situation and Future Forecast
BTC/USD Update
In the recent trading sessions, Bitcoin (BTC) has shown a 3.86% increase in its price compared to the previous day. The hourly chart indicates that BTC is currently trading above the local resistance level of $90,629. If the daily closing price surpasses this level, there is a likelihood of further upside movement towards the $92,000-$93,000 range in the near term.
Technical Analysis
Examining the larger timeframe, Bitcoin’s price action is consolidating within the range of yesterday’s trading range, suggesting a balance between buyers and sellers. The diminishing trading volume signals a lack of strong bullish momentum, making sideways trading in the $89,000-$92,000 zone a probable scenario.
Midterm Outlook and Potential Scenarios
Traders are closely monitoring the weekly candle’s closure, which could determine the next major price movement. A close near the peak could lead to a potential test of the crucial $100,000 threshold in the coming sessions. At the time of writing, Bitcoin is valued at $90,561.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
