Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls could not hold the initiative for long, as most of the cryptocurrencies are again in the red zone.
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.
In 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.