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 bearish trend continues on the cryptocurrency market, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has fallen by 2.24% over the last 24 hours.
Despite today's drop, the rate of BTC is looking bullish on the hourly chart. If the breakout of the resistance of $55,954 happens, there is a chance to see a test of the $57,000 zone tomorrow.
On the bigger time frame, one should pay attention to the candle's closure in terms of the support level of $53,120. If it happens far from it, one can expect a local bounce back to the $58,000 range by the end of the week.
From the midterm point of view, the rate of BTC is near the support level. If the weekly bar closes around the current prices, the accumulated energy might be enough for a breakout below the vital zone of $50,000.
Bitcoin is trading at $55,389 at press time.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya
Vladislav Sopov