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Buyers could not hold the initiative for a long time and most of the coins are again in the red zone.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has fallen by 1% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of Bitcoin (BTC) has set the local support level at $29,017. If the the bar closes above the $29,000 zone, there is a chance to see a local bounce back to the $29,200 mark soon.
Image by TradingView
On the daily time frame, the rate of BTC is trading sideways as the price is far from the support and from the resistance. However, if the drop continues to the $28,750 mark, the accumulated energy might be enough for a move to the $28,000 zone shortly.
Image by TradingView
From the mid-term point of view, the situation is also rather bearish than bullish as the rate of BTC is on the way to test the support at $28,667.
If the breakout happens, the decline may lead to the test of the $27,500-$28,000 range until the end of the month.
Bitcoin is trading at $29,113 at press time.
Yuri Molchan
Vladislav Sopov
Gamza Khanzadaev
