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Bears are more powerful than bulls today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.54% over the last 24 hours.
On the hourly chart, the price of BTC is closer to the support than to the resistance zone. If a bounce back does not happen, traders may see an ongoing drop to the $110,000 area.
On the bigger time frame, the rate of the main crypto is neither bullish nor bearish.
The volume is falling, which means any sharp moves are unlikely to happen by the end of the week.
From the midterm point of view, neither side has enough strength to seize the initiative. In this case, sideways trading in the area of $110,000-$115,000 is the more likely scenario.
Bitcoin is trading at $110,880 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team