The market is back to red on the last working day of the week, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 2.62% over the last 24 hours.
On the hourly chart, the price of BTC is going down after setting a local resistance of $92,690. If bulls cannot seize the initiative, one can expect a further decline to the $89,000 area.
On the longer time frame, the rate of the main crypto has once again failed to fix above the $93,753 resistance.
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If the daily bar closes around the current prices or below, the correction is likely to continue to the $88,000-$89,000 range.
From the midterm point of view, the situation is less clear as the price of BTC is far from the key support and resistance levels. In addition, the volume has dropped, which means traders are unlikely to witness sharp moves anytime soon.
Bitcoin is trading at $90,226 at press time.
Source: https://u.today/bitcoin-btc-price-analysis-for-december-5