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Buyers could not seize the initiative on the last day of the week, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 5.34% since yesterday. Over the last week, the price has fallen by 7.64%.
On the hourly chart, the price of BTC has bounced off the local resistance level of $64,911. If the drop continues, there is a high chance to see a test of the $63,000 zone tomorrow.
On the daily time frame, the rate of the main crypto is more bearish than bullish as it is trading near the support level of $60,365.
If a breakout happens, the drop may lead to a test of the $58,000 area next week.
From the midterm point of view, one should pay attention to the bar closure. If it happens below $64,511, the accumulated energy might be enough for a continued decline to the $55,000-$60,000 range. Such a scenario is relevant until the end of the month.
Bitcoin is trading at $63,907 at press time.
Alex Dovbnya
Gamza Khanzadaev
