All coins from the top 10 list are falling today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has dropped by almost 2% over the past day.
On the hourly chart, the price of BTC keeps looking bearish. If bulls cannot seize the situation by the end of the day, traders may expect a support level breakout, followed by an ongoing drop to the $110,000 zone.
On the longer time frame, the rate of the main coin is testing the support of $110,768. If buyers lose this level, the decline is likely to continue to the $109,000-$110,000 zone until the end of the week.
From the midterm point of view, the situation is less clear. The price of BTC is in the middle of a wide channel, which means none of the sides is dominating.
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Thus, the volume is low, confirming the absence of bulls and bears’ energy. All in all, sideways trading in the range of $108,000-$112,000 is the most likely scenario.
Bitcoin is trading at $111,321 at press time.