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Most of the coins have turned back to the red zone, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 2.7% since yesterday.
On the hourly chart, the price of BTC keeps falling, which means bears are controlling the situation on the market. If nothing changes, one can expect a test of the $106,000 range soon.
On the longer time frame, sellers are also more powerful than buyers.
If the daily bar closes with no long wick, there is a possibility of seeing an ongoing drop to the $105,000 mark by the end of the week.
From the midterm point of view, the weekly bar is currently more bearish than bullish. Thus, the volume keeps going down, which means buyers are not ready for ongoing growth. In this case, sideways trading in the area in the range of $104,000-$108,000 is the more likely scenario.
Bitcoin is trading at $107,097 at press time.
Vladislav Sopov
U.Today Editorial Team