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Despite the sharp market drop, most of the coins keep trading in the red zone.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has fallen by 2.12% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of Bitcoin (BTC) is in the middle of the narrow channel between the support at $25,798 and the resistance at $25,997.
Denys SerhiichukIf buyers lose the $25,900 mark, the drop may continue to the $25,600-$25,700 area shortly.
Image by TradingView
On the bigger time frame, traders should pay attention to the mark of $26,000. If a false breakout of it happens and the bar closes above it, buyers may locally seize the initiative, which can lead to a bounce back to the $26,400 range soon.
Image by TradingView
From the midterm point of view, the price of BTC is on the way to test the local support level of $24,756. However, if the candle closes far from it, one can expect a correction to the $26,000 zone by the end of the month.
Bitcoin is trading at $25,882 at press time.
Vladislav Sopov
Alex Dovbnya
Dan Burgin