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Bears are coming back to the game, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has fallen by 0.88% over the past day.
On the hourly chart, the rate of BTC is in the middle of the local channel. As most of the daily ATR has been passed, there are low chances of seeing sharp moves in the short term.
On the bigger time frame, bulls have failed to keep the growth going after yesterday's bullish closure. Likewise, the price of the main crypto is far from key levels now.
In this case, sideways trading in the range of $105,000-$110,000 is the more likely scenario.
From the midterm point of view, one should focus on the weekly candle's closure in terms of the $109,356 level. If the bar closes above it and with no long wick, the upward move may continue to new peaks.
Bitcoin is trading at $109,192 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team