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The market is bearish on the first day of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 2.8% over the past day.
On the hourly chart, the price of Bitcoin (BTC) might have set local support at $106,746.
If the daily bar closes far from that mark, growth may continue to the $109,000 area soon.
On the longer time frame, the rate of the main crypto is closer to the support than to the resistance level. If the drop continues, traders may expect a level breakout, followed by a move to the $105,000 mark.
From the midterm point of view, the price of BTC is far from main levels. The volume has declined, which means there are low chances of seeing sharp moves by the end of the week.
Bitcoin is trading at $107,876 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team