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Bears are more powerful than bulls on the first day of the week, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has fallen by 1.25% over the last 24 hours.
On the hourly chart, the rate of BTC is looking bearish. The price is coming back to the local support of $93,750. If its breakout happens, the drop is likely to continue to the $93,000 area.
On the bigger time frame, the price of the main crypto is far from key levels. Thus, the volume is low, which means neither buyers nor sellers are ready to seize the initiative. If the situation does not change by tomorrow, sideways trading in the range of $93,000-$95,000 is the most likely scenario.
From the midterm point of view, the picture is neutral. As the week just started, it is too early to make any distant predictions. Bulls may start thinking about midterm growth only if the breakout of the $100,000 zone occurs.
Bitcoin is trading at $94,161 at press time.
Vladislav Sopov