The cryptocurrency market is neither bullish nor bearish as some coins are in the green zone, while others remain in the red.
BTC/USD
The price of Bitcoin (BTC) has slightly risen since yesterday. Over the last week, however, the price has fallen by 2.56%.
On the local time frame, Bitcoin (BTC) continues yesterday's sideways trading, which is confirmed by declining volume. If bulls want to seize the initiative, they need to restore the rate to the $16,800 mark and fix it above.
On the bigger chart, Bitcoin (BTC) might have found a local bottom at $16,572. At the same time, the chance to see a fast reversal is low as not enough energy has been accumulated yet.
Respectively, the more likely scenario is trading in the range of $16,600-$16,800 for the next couple of days.
However, on the weekly time frame, the fall may continue as bulls have failed to fix the price above the $18,000 mark. If the candle closes with no long wicks, the price of Bitcoin (BTC) could test the $16,000 zone by the end of the week. In addition, the buying volume remains low, indicating bulls' lack of interest in the current levels.
Bitcoin is trading at $16,714 at press time.
Vladislav Sopov
Godfrey Benjamin
Gamza Khanzadaev