Bitcoin Price Drops, Range-Bound Trading Expected

Bitcoin (BTC) Price Prediction for February 23

The cryptocurrency market is showing a neutral stance on the last day of the week, as indicated by CoinMarketCap. The price of Bitcoin (BTC) has experienced a 0.49% decline over the past 24 hours.

On the hourly chart, the price of BTC is decreasing after breaching the local support level of $96,170. If the selling pressure persists and the bar closes far from this mark, there is a possibility that the price will test the $95,500 range in the near future.

Looking at the bigger time frame, the bulls have failed to maintain the upward momentum following yesterday's bullish close. If the candle closes below the previous bar's low, traders may witness a continued correction to the support level of $94,091 in the coming week.

From a midterm perspective, neither the bulls nor the bears are currently dominating the market. The volume has been decreasing, suggesting that any significant price movements are unlikely to occur in the near future.

In summary, the most likely scenario is a period of sideways trading within the range of $94,000-$100,000. At the time of writing, Bitcoin is trading at $96,037.