The situation has almost not changed on the cryptocurrency market as most of the coins remain in the red zone.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 0.29% over the last 24 hours.
On the hourly chart, the price of Bitcoin (BTC) is returning to the recently formed support level of $25,755. If the situation does not change, the breakout may lead to a blast to the $25,700 zone soon.
Today’s candle is about to close below the previous bar low on the daily time frame. If that happens, there is a high chance to see a continued decline to the nearest support level of $25,350. Such a scenario is relevant until the end of the upcoming week.
The situation is a little bit better on the weekly chart as the price of Bitcoin might have found the support level of $25,350. However, it is too early to think about a reversal as the rate has not accumulated enough energy for that yet.
In this case, the more likely scenario is sideways trading in the area of $25,500-$26,500 for the next couple of days.
Bitcoin is trading at $25,783 at press time.
