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Sellers have seized the initiative as the prices of the top cryptocurrencies keep going down, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 4.54% over the last 24 hours.
On the hourly chart, the price of BTC has broken the local support of $107,948. Until the rate is below that mark, sellers are more powerful than buyers. In this case, an ongoing drop is the most likely scenario.
On the longer time frame, the rate of the main crypto is on its way to the support of $106,137.
If the situation does not change, and a level breakout happens, there is a high chance of seeing a test of the $100,000-$105,000 range by the end of the week.
From the midterm point of view, buyers have failed to keep the growth going after the previous bullish bar's closure. If buyers cannot seize the initiative, the correction is likely to continue to the $100,000 mark.
Bitcoin is trading at $108,027 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team