The market is trading sideways on the first day of the week.
The price of Bitcoin (BTC) has declined by 0.76% over the last 24 hours.
On the local chart, the rate of Bitcoin (BTC) is about to break the recently formed support at $27,710. If the breakout happens, the accumulated energy might be enough for a drop to the $27,200-$27,400 zone.
Despite yesterday's bullish candle, the price of Bitcoin (BTC) has once again failed to fix above the $28,000 zone, which is locally bearish. If the situation does not change, the decline may continue to the zone around $27,000.
From the midterm point of view, it is too early to make any predictions as the week has just started. If buyers manage to seize the initiative and get the price back above the $28,000 zone, there are high chances to see the breakout of the resistance at $28,936 soon.
However, if sellers keep their pressure, there is a possibility to expect the test of the support at $26,707.
Bitcoin is trading at $27,798 at press time.