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A new week has begun with the correction of most of the coins, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 3.14% over the last 24 hours.
On the hourly chart, the price of BTC is near the local support of $110,893. As almost all of the ATR has been passed, there are low chances of seeing sharp moves by tomorrow.
On the longer time frame, the picture is bearish. The rate of the main crypto is about to test the support of $110,432.
If it breaks out, the accumulated energy might be enough for a further drop to the $105,000-$110,000 range.
From the midterm point of view, the situation is similar. As the price of BTC is far from main levels, one should pay attention to the interim zone of $110,000. If the weekly candle closes below it, there is a high chance of witnessing a test of the $105,000 mark.
Bitcoin is trading at $111,392 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team