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.
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.