Bulls could not hold the initiative, and most of the coins have come back to the red zone, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) is almost unchanged since yesterday.
On the hourly chart, the price of BTC is near the local support of $103,907. If the daily bar closes around that mark, one can expect an ongoing decline to the $103,000 range.
On the longer time frame, the rate is far from the main levels. In this case, one should pay attention to the candle’s closure in terms of yesterday’s bar’s low.
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If it happens near it or below, traders may expect a more profound correction to the $102,000-$103,000 zone.
From the midterm point of view, the situation is similar. If bulls lose the $103,000 zone, there is a high chance to expect a test of the support level shortly.
Bitcoin is trading at $104,321 at press time.