Sellers are dominating over buyers at the end of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has increased by 0.29% since yesterday.
On the hourly chart, the price of BTC has made a false breakout of the local support at $88,548. However, if a bounce back does not happen by the end of the day, one can expect an ongoing decline to the $88,000 zone tomorrow.
On the longer time frame, the situation has not changed much. The rate of the main crypto keeps accumulating energy for a further move.
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In this case, further consolidation in the area of $88,000-$91,000 is the most likely scenario.
From the midterm point of view, the picture is more bearish. If bears’ pressure continues, traders might witness a test of the support at $85,225 in the next month.
Bitcoin is trading at $89,139 at press time.
Source: https://u.today/bitcoin-btc-price-analysis-for-january-23