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Bitcoin (BTC) Price Analysis for December 7
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for December 7 Original Link: 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 almost 2% since yesterday. Over the last week, the price has fallen by 3.58%.
On the hourly chart, the price of BTC is in the middle of the local channel between the support of $87,744 and the resistance of $89,757.
As neither side is dominating, traders are unlikely to witness sharp moves by tomorrow.
A similar picture is on the bigger time frame. The volume has declined, which means there are low chances to see increased volatility over the next few days.
From the midterm point of view, the price of the main crypto is far from the support and resistance levels. As neither buyers nor sellers are dominating, consolidation in the range of $85,000-$95,000 is the more likely scenario.
Bitcoin is trading at $88,834 at press time.