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The market drop has not lasted long, and most of the coins are back to the green zone, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has risen by almost 4% over the last day.
On the hourly chart, the price of BTC is on its way to the local resistance of $80,768. If the daily bar closes around that mark, there is a chance to see a level breakout, followed by a test of the $82,000 mark.
On the larger time frame, the rate of the main crypto is far from key levels. In this case, traders should focus on the candle's closure.
Denys SerhiichukIf it happens with a long wick, there is a possibility to witness an ongoing drop to the $78,000 zone.
From the midterm point of view, it is too early to make distant predictions. If the weekly bar closes far from the support, the bounceback may continue to the $82,000-$85,000 area.
Bitcoin is trading at $79,940 at press time.
Vladislav Sopov
Dan Burgin