The Market Overview

The market is neutral on the last day of the week, according to CoinMarketCap.

BTC/USD

The price of Bitcoin (BTC) has fallen by 0.49% over the last day.

On the hourly chart, the rate of BTC is declining after breaking the local support of $96,170. If selling pressure continues and the bar closes far from that mark, there is a chance of testing the $95,500 range soon.

On the bigger time frame, bulls have failed to maintain the rise after yesterday’s bullish closure. If the candle closes below the previous bar low, traders may witness an ongoing correction to the support of $94,091 in the upcoming week.

From a midterm perspective, neither bulls nor bears are dominating. The volume keeps decreasing, indicating that sharp moves are unlikely to happen soon.

Overall, sideways trading in the range of $94,000-$100,000 is the more likely scenario.

Bitcoin is trading at $96,037 at press time.