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The market might have entered a correction phase, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) is almost unchanged since yesterday.
On the hourly chart, the rate of BTC is coming back to the local support of $117,465. If bulls cannot seize the initiative, one can expect a test of the $117,000 mark by tomorrow.
On the longer time frame, the situation is rather more bearish than bullish.
If the candle closes near the bar low, the accumulated energy might be enough for a test of the $115,226 support level.
From the midterm point of view, the rate of BTC has once again bounced off the resistance of $119,482. If the bar closes far from that mark, one can expect a decline to the nearest level of $112,000.
Bitcoin is trading at $118,360 at press time.
Vladislav Sopov
U.Today Editorial Team