Bears have seized the initiative today, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has declined by 2.24% over the last 24 hours.
On the hourly chart, the rate of BTC is trying to break the local resistance of $84,091. If it happens, the upward move is likely to continue to the $85,000 area soon.
On the bigger time frame, ongoing sideways trading remains the most likely scenario. Such a statement is confirmed by the falling volume, which means none of the sides is ready for a sharp move.
In this case, traders have low chances of seeing sharp moves soon.
From the midterm point of view, one should focus on the nearest level of $87,500. Until its breakout happens, a correction remains the most likely scenario.
Bitcoin is trading at $83,832 at press time.