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A new week has started with the cryptocurrency market's drop, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has fallen by 1.43% over the last 24 hours.
On the hourly chart, the rate of BTC has bounced off the local support of $102,126. If bulls' pressure continues, one can expect a test of the resistance by tomorrow.
On the bigger time frame, buyers have failed to keep the growth going after yesterday's bullish bar closure. As most of the ATR has been passed, there are low chances of seeing sharp moves.
In this case, sideways trading in the area of $102,000-$105,000 is the most likely scenario.
From the midterm point of view, none of the sides is dominating as the rate is far from key levels. Thus, the volume is low, confirming the absence of buyers and sellers' energy. All in all, there are low chances of seeing sharp ups or downs anytime soon.
Bitcoin is trading at $104,377 at press time.
Vladislav Sopov
U.Today Editorial Team