Bitcoin (BTC) Price Analysis for December 31
Bears have seized the initiative on the last day of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.56% since yesterday.
On the hourly chart, the price of BTC is testing the local support at $88,073. If it breaks out, the correction is likely to continue to the $87,500 zone tomorrow.
On the longer time frame, none of the sides is dominating, as the rate of the main crypto is far from the main levels. The volume remains low, confirming the absence of bulls and bears’ strength.
All in all, consolidation around current prices is the most likely scenario.
From the midterm point of view, the situation is similar. Neither buyers nor sellers have enough energy for a sharp move. In this regard, traders should not expect increased volatility anytime soon.
Bitcoin is trading at $87,986 at press time.
