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Bears are controlling the situation on the cryptocurrency market today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 1.71% over the last day.
On the hourly chart, the price of BTC has made a false breakout of the local support of $90,395. If a bounce back does not happen by the end of the day, the drop is likely to continue to the $89,500-$90,000 range.
On the longer time frame, there are no reversal signals yet, as the rate of the main crypto is on its way to the support of $89,189.
If a breakout happens, the accumulated energy might be enough for a more profound drop to the $86,000-$88,000 area.
From the midterm point of view, the price of BTC has tested the mirror level of $88,772. If the weekly bar closes far from that mark, bulls may seize the initiative, which may lead to a test of the $90,000-$92,000 zone.
Bitcoin is trading at $90,505 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team