Bulls could not hold the gained initiative until the end of the week, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has dropped by 0.45% over the last 24 hours.
On the hourly chart, the rate of BTC is near the formed support of $83,000. As most of the daily ATR has not passed yet, traders may witness a further correction to the $82,500 range by tomorrow.
On the bigger time frame, there are no reversal signals yet. If the bar closes around the current prices or below, there is a chance of a test of the $80,000-$81,000 zone within the next few days.
From the midterm point of view, the weekly candle is about to close with a long wick, which is a bearish signal. As the rate of the main crypto is far from its key level, one should focus on the interim area of $80,000.
Related
If a breakout happens, the accumulated energy might be enough for a move to the $78,000 mark.
Bitcoin is trading at $83,070 at press time.
