The market is neither bullish nor bearish as some coins are in the red zone, while others are in the green.
BTC/USD
The rate of Bitcoin (BTC) is almost unchanged since yesterday.
On the local chart, Bitcoin (BTC) is coming back to the recently formed support level at $23,348. If the pressure continues until the end of the day, the breakout may cause a sharp drop to the $23,280 zone soon.
Bulls could not even fix above the $23,500 mark, which means that there are more chances to see a further decline rather than a bounceback. Thus, the selling volume has increased, confirming bears' power. In this case, there is a possibility to expect the test of the $23,000 mark by the end of the week.
On the weekly time frame, Bitcoin (BTC) has made a false breakout of the $25,000 mark against the low volume. The midterm trend might change to bearish only if the candle closes below the vital support level at $22,400.
Bitcoin is trading at $23,435 at press time.
Godfrey Benjamin
Alex Dovbnya
