The bears’ pressure continues on the market, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has dropped by 2.83% since yesterday.
On the hourly chart, the rate of BTC is trying to fix below the local support level of $62,0.54. If that happens, the correction may continue to the $61,000 zone soon.
On the daily time frame, there are no reversal signals yet. If the bar closes near its low, there is a high possibility of seeing an ongoing decline to the $60,000-$61,000 area by the end of the week.
The weekly bar is coming back to the support level formed by a false breakout.
If buyers cannot seize the initiative shortly and lose the vital $60,000 zone, one can expect a test of $55,000.
Bitcoin is trading at $62,026 at press time.
