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Bulls could not hold the initiative for long, as most of the cryptocurrencies are again in the red zone.
BTC/USD
The price of Bitcoin (BTC) is unchanged since yesterday.
On the hourly chart, the rate of BTC has returned to the local support level of $26,073. If the bears' pressure continues and the daily bar closes near that mark, the accumulated energy might be enough for a breakout, followed by a move to the $26,000 area soon.
On the bigger time frame, the situation is also bearish as the rate has failed to fix above the area of $27,000. Thus, the volume keeps falling, which means that buyers are not ready yet to get back in the game.
Denys SerhiichukIn this regard, the breakout of the $26,081 support might be a prerequisite for a further drop to the $25,800 range.
From the midterm point of view, traders should also pay attention to the same level. If the candle closes near the $26,000 area or below it, the fall is likely to continue to the $25,000-$25,500 zone until mid-October.
Bitcoin is trading at $26,180 at press time.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya
Vladislav Sopov