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The majority of the coins remain in the red zone today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 0.14% since yesterday. Over the last week, the price has fallen by 5.43%.
On the hourly chart, the price of BTC has made a false breakout of the local support of $109,317, however, the rate has not bounced off far from it. If the situation does not change, one can expect a further downward move to the $109,000-$109,200 range.
On the bigger time frame, the rate of the main crypto remains under sellers' pressure.
If the daily bar closes around the current prices or below, traders may witness a test of the $108,000-$109,000 area by the end of the month.
From the midterm point of view, one should focus on the weekly bar closure in terms of $107,389. If a breakout happens, the correction is likely to continue to the $104,000 range.
Bitcoin is trading at $109,447 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team