Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A further decline remains the most likely scenario for most of the coins, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 4.62% since yesterday.
On the hourly chart, the price of BTC is falling after breaking the local support at $74,141. If the daily bar closes far from that mark, traders may expect a test of the $73,000 zone shortly.
On the longer time frame, sellers are also controlling the situation on the market. If a breakout of the $72,863 level happens, the decline is likely to continue to the $70,000 area until the end of the week.
From the midterm point of view, traders should focus on the weekly bar's closure in terms of the $74,434 level.
If it happens far from it, one can expect a bounce back to the $80,000 range.
Bitcoin is trading at $74,251 at press time.
Denys Serhiichuk
Gamza Khanzadaev
Caroline Amosun
Tomiwabold Olajide