According to CoinStats, the market is healthy again today.
BTC/USD
Bitcoin (BTC) price increased by 2.69% from the previous day.
On the hourly chart, the BTC rate is heading towards the resistance at $86,791. If the bulls are able to maintain the initiative they have gained, we can expect a level breakout, after which the $87,000 area could be tested.
Looking at the larger time frame, the prices of major cryptocurrencies are far from their major levels. Even if a daily candlestick closes near the high, buyers may need more time to accumulate energy for further moves.
In this case, a more likely scenario would be for it to trade sideways in the $85,000 to $88,000 range.
From a medium-term perspective, there are no signs of reversal so far. In this regard, traders may witness a continued decline to the $80,000 level in the coming days.
At the time of writing, Bitcoin is trading at $86,457.
