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.