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The growth has been stopped as most of the coins have come back to the red zone, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 2.3% over the last 24 hours.
On the hourly chart, the price of BTC is coming back to the local support level of $58,688. If the daily bar closes near that mark, one can expect an ongoing drop to the $58,000 area.
On the bigger time frame, neither buyers nor sellers are dominating.
Related
If nothing changes, sideways trading in the zone of $58,000-$61,000 is the more likely scenario until the end of the week.
From the midterm point of view, one should pay attention to the weekly candle’s closure. If it happens below the $58,000 mark, traders may witnesse a drop to the $54,000 range.
Bitcoin is trading at $59,112 at press time.
