The market has turned to red again, according to CoinStats.CoinStats”>

BTCUSD

The rate of Bitcoin BTCUSD has dropped by 1.91% over the last 24 hours.TradingView”>

On the hourly chart, the price of BTC is trying to break the local resistance of $94,623. If it happens, the rise may continue to the $95,000 zone by the end of the week.TradingView”>

A less positive picture is on the bigger time frame. If buyers lose the interim area of $94,000, there is a chance of a test of the nearest support of $92,092.TradingView”>

A similar situation is on the weekly chart. At the moment, there are no reversal signals yet, which means there is still a chance of an ongoing decline.

If the $92,000 level is broken, traders may witness a test of the $90,000 range shortly.

Bitcoin is trading at $94,544 at press time.