The market remains bearish after yesterday’s sharp dump, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has dropped by 8% since yesterday.
On the hourly chart, the rate of BTC is closer to the resistance than to the support level. If buyers’ pressure continues, one can expect a breakout, followed by a further upward move to the $114,500-$115,000 zone.
On the bigger time frame, the picture remains bearish as the price of the main crypto has not bounced back far from the support level.
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In this case, sideways trading in the range of $111,000-$114,000 is the more likely scenario.
From the midterm point of view, sellers have seized the initiative. If the weekly bar closes below the previous candle low at $111,597, the drop may lead to a test of the $100,000-$105,000 zone soon.
Bitcoin is trading at $112,392 at press time.
