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The new week has started with an ongoing market drop, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 3.55% over the last day.
On the hourly chart, the price of BTC is breaking the local support of $80,190. If the daily bar closes below that mark, the correction is likely to continue to the $78,000 area.
On the bigger time frame, one should focus on the interim level of $78,197. If its breakout happens, traders may witness a test of the $75,000 range by the end of the current month.
From the midterm point of view, there are also no reversal signals yet.
Denys SerhiichukIf buyers cannot seize the initiative soon and the price fixes below $80,000, traders may expect an ongoing downward move to the $70,000 mark.
Bitcoin is trading at $79,880 at press time.
Dan Burgin
Vladislav Sopov