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The market keeps setting new local lows, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 5.11% over the last 24 hours.
On the hourly chart, the price of BTC is rising after a false breakout of the local support of $78,764. If the upward move continues, one can expect a test of the upper level by tomorrow.
On the bigger time frame, there are no reversal signals yet.
Denys SerhiichukHowever, if the daily bar closes with a long wick, traders may expect a local bounce back to the $86,000 zone over the weekend.
From the midterm point of view, the picture is also bearish. If the weekly candle closes around current prices, the fall is likely to continue to the important zone of $70,000 soon.
Bitcoin is trading at $81,664 at press time.
Dan Burgin
Vladislav Sopov