Bulls could not hold the initiative until the end of the day, and the prices of most coins have returned to the red zone, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has fallen by 1% over the last 24 hours.
On the hourly chart, the rate of BTC is breaking the local support of $86,850. If bears can hold the gained initiative, the drop may continue to the $86,000 mark shortly.
On the longer time frame, one should pay attention to the daily bar’s closure.
If it happens around the current prices and with a high wick, traders might witness an ongoing decline to the $85,000 area.
From the midterm point of view, the price of the main crypto is far from key levels. The volume keeps falling, which means traders are unlikely to see sharp moves this week.
Bitcoin is trading at $86,860 at press time.