Bulls seem to have run out of energy as its rally seemingly cannot last for two days in a row.
Bitcoin (BTC) is feeling much better than other coins, rising by 0.18%.
On the hourly chart, Bitcoin (BTC) is trading in the narrow range, accumulating power for the further move. The price has made a false breakout of the support at $16,778 and now is on the way to the resistance at $16,889.
If buyers can hold the initiative, the correction may continue tomorrow.
On the bigger time frame, the rate of Bitcoin (BTC) has bounced off the recently formed support level at $16,815. If the bar can close above it, traders have a chance of seeing a test of the $17,000 zone until the end of the week.
From the mid-term point of view, the rate of Bitcoin (BTC) has not decided yet which way to go as the price remains in the channel. At the moment, one should pay attention to the zone of $17,000, the breakout of which may be the prerequisite for the return to the $18,000 mark.
Bitcoin is trading at $16,848 at press time.