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The crypto market remains bullish, however, some cryptocurrencies are back to the red zone, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has gone down by 0.76% since yesterday.
On the hourly chart, the rate of BTC has broken the support of $107,500. However, most of the daily ATR has been passed. In this case, there are low chances of seeing sharp moves by the end of the day.
If bulls cannot seize the initiative, the correction is likely to continue to the $107,000 mark tomorrow.
On the longer time frame, the price of the main crypto has bounced off the resistance of $108,833. If today's bar closes below $107,200, the accumulated energy might be enough for a test of the $106,000 area soon.
From the midterm point of view, traders should pay attention to the previous bar's peak. If the weekly candle closes above the $109,000 mark, there is a chance to see a test of the $112,000 resistance.
Bitcoin is trading at $107,332 at press time.
Vladislav Sopov
U.Today Editorial Team