Bears keep controlling the situation on the market as the rates of most of the coins keep falling.
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BTC/USD
The rate of Bitcoin (BTC) has declined by 2.39% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of Bitcoin (BTC) is on its way to testing the local support level at $28,300. If the bar closes near this mark, the drop may continue to the $28,000 zone shortly.
Image by TradingView
A similar situation can be seen on the daily time frame, as the rate has declined to the support at $28,280. The selling volume keeps rising, which means there is a low chance of seeing a bounce back soon.
In this regard, there is a high possibility to expect an ongoing decrease to the $27,500-$28,000 zone.
Image by TradingView
Bears are also more powerful than bulls on the weekly chart. At the moment, traders should pay attention to the bar closure in terms of the nearest level of $28,248. If the candle closes near it or even below, the drop is likely to continue to the $27,000 mark.
Bitcoin is trading at $28,350 at press time.