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Sellers have returned to the game, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has declined by almost 2% over the last day.
On the hourly chart, the rate of BTC has made a false breakout of the local support level of $103,287. However, one should pay attention to the daily bar closure.
Denys SerhiichukIf it happens near the mentioned mark, there is a chance to see a further correction to the $102,000 area.
On the bigger time frame, the price of the main crypto is far from the support and resistance. If the situation does not change by the end of the day, ongoing sideways trading in the narrow range of $104,000-$106,000 is the more likely scenario.
From the midterm point of view, one should focus on the weekly candle's closure in terms of the $105,149 level. If a false breakout happens, there is a possibility to see a drop to the $100,000 zone.
Bitcoin is trading at $104,807 at press time.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya
Vladislav Sopov