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Most of the coins keep falling at the beginning of the week, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has declined by 4.40% over the last 24 hours.
On the hourly chart, the rate of BTC remains bearish as it is coming back to the local support level of $60,580. If the drop continues, one can expect a test of the vital zone of $60,000 shortly.
On the bigger time frame, there are also no reversal signals yet. If the breakout of $60,000 happens, there is a high chance to see a further correction to the support of $56,500.
Denys SerhiichukSuch a scenario is relevant until the end of the current week.
From the midterm point of view, it is too early to make any distant predictions, as the week has just begun. However, if the bar closes around current prices, traders may witness a test of the support level.
Bitcoin is trading at $61,345 at press time.
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov
U.Today Editorial Team