Bears are dominating on the last working day of the week, according to CoinStats.
**BTC/USD**
The price of Bitcoin (BTC) has declined by 1.18% over the last 24 hours. On the hourly chart, BTC is currently positioned in the middle of the local channel, situated between the support level of $99,192 and the resistance level of $102,463.
With most of the daily Average True Range (ATR) already passed, the chances of sharp price movements by the end of the day are relatively low.
On a longer time frame, the outlook remains bearish. If Bitcoin breaks below the support level of $98,898, the correction may extend further into the $96,000-$98,000 zone by the end of the week.
From a midterm perspective, traders should focus on the weekly candle’s close around the $100,426 level. A close below this mark could trigger a continued drop towards the $90,000-$95,000 range.
At press time, Bitcoin is trading at $100,611.
https://bitcoinethereumnews.com/bitcoin/bitcoin-btc-price-analysis-for-november-7/