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Sellers are back in the game, according to CoinStats.
The price of Bitcoin (BTC) has fallen by 2.23% since yesterday. Over the last week, the price has fallen by 4.4%.
Despite today’s fall, the rate of BTC has made a false breakout of the local support at $41,554. If the daily bar closes far from that mark, traders can expect a test of the $42,000 zone.
On the bigger time frame, traders should pay attention to the interim level of $41,600. If a breakout happens, the drop may continue to the support at $40,181. Such a scenario is relevant for the upcoming week.
On the weekly chart, BTC’s candle is about to close within the previous bar. It means that neither bulls nor bears have seized the initiative yet.
All in all, sideways trading between $41,000 and $43,000 is the more likely scenario.
Bitcoin is trading at $41,899 at press time.