Bulls could not hold the initiative for long as all of the coins from the top 10 list are back in the red zone.
The rate of Bitcoin (BTC) has dropped by 1.35% over the last 24 hours.
Bitcoin (BTC) is feeling bearish on the hourly chart as buyers are not able to fix above the $17,000 mark. If they cannot seize the initiative until the end of the day, there are chances to see the breakout of the support level at $16,924.
The situation remains uncertain on the daily chart, as the volatility has reduced as none of the sides has enough energy for a further move.
If bears keep their pressure on the support at $16,800, traders can expect to see BTC around $16,400-$16,600 until the end of the month.
From the midterm point of view, it is too early to make any predictions as the main crypto still has a lot of time until the end of the week. Currently, one should pay close attention to the nearest level at $17,240. If the candle fixes above it, there is a possibility to see $18,000.
Bitcoin is trading at $17,009 at press time.