Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The middle of the week is dominated by sellers, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has gone down by 0.75% over the last day.
On the hourly chart, the rate of BTC is about to break the local support of $117,421. If it happens, the ongoing drop may lead to a test of the $117,000 mark shortly.
On the longer time frame, the price of the main crypto is far from the support and resistance level. However, if the daily bar closes below the $117,000 zone, there is a high possibility of a continued decline to the $115,000-$116,000 range.
From the midterm point of view, buyers have failed to keep rising after the previous bullish closure.
If nothing changes by the end of the week, traders can expect a test of the $112,000 support soon.
Bitcoin is trading at $117,474 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team