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Bitcoin (BTC) Price Analysis for December 29
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for December 29 Original Link: All top 10 coins returned to the red zone at the beginning of the week, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has dropped by 0.4% over the last day.
On the hourly chart, the rate of BTC might have set a local support at $86,701. As most of the daily ATR has passed, there are low chances of seeing sharp ups and downs by tomorrow.
On the longer time frame, the technical picture of the main crypto has not changed much. The price keeps trading in a wide range, accumulating energy for a further move.
In this regard, consolidation in the zone of $86,000-$90,000 is the most likely scenario for the current week.
From the midterm point of view, the situation is quite similar. The volume keeps going down, confirming the absence of buyers and sellers’ strength. All in all, traders are unlikely to expect sharp moves soon.
Bitcoin is trading at $87,611 at press time.