u.today 2 h Reading time: ~2 m
By the end of the day, most of the coins are trading in the green zone.
Bitcoin (BTC) is looking worse than most of the altcoins, rising by only 0.34%.
The bearish impulse is clearly outlined on the hourly chart as the price cannot rise after the false breakout of the support level. In this case, the more likely scenario is a decline, followed by the test of the $16,760 zone soon.
On the daily time frame, the situation is unchanged as the price of Bitcoin (BTC) has not accumulated enough strength yet. At the moment, the interim support level is at $16,700.
If the candle fixes below it, the fall may continue to the $16,572 mark shortly.
Almost a similar picture is on the weekly chart, as the rate is trading within the previous bar. Now, it is too early to make any price projection as today is just Monday. However, if buyers cannot seize the initiative, traders may see the rate of BTC at around $16,500 within the next few days.
Bitcoin is trading at $16,816 at press time.