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Even though Monday has started bearish for most of the coins, bulls are trying to get back in the game in the second part of the day, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) is almost unchanged since yesterday.
On the hourly chart, the rate of BTC is near the local support of $85,654. If a bounce back does not happen by the end of the day, one can expect a level breakout, followed by a further decline to the $85,000 area.
On the longer time frame, the price of the main crypto is within yesterday's bar, which means none of the sides has seized the initiative yet.
In this case, ongoing sideways trading in the range of $85,000-$87,000 is the most likely scenario.
From the midterm point of view, it is too early to make any long-term predictions. The rate of BTC keeps going down, confirming the absence of bulls' energy to seize the initiative. All in all, traders may expect an ongoing correction to the $80,000 zone by the end of the month.
Bitcoin is trading at $86,073 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team