u.today 8 h Reading time: ~2 m
The correction might not have ended yet, according to the CoinMarketCap ranking.
The rate of Bitcoin (BTC) has declined by 3% since yesterday.
On the hourly chart, the price of Bitcoin (BTC) is trading in a narrow range between the support at $20,694 and the resistance at $20,865. If the daily bar closes near the upper line, the breakout may lead to the growth of $21,000 tomorrow.
On the daily time frame, the situation is less positive as the price is located closer to the support than to the resistance, which means that bears are more powerful than bulls at the moment.
Thus, the rate is below the psychological mark of $21,000, confirming sellers’ power. In this case, the more likely scenario is the breakout of the support at $20,549, followed by a decrease to the $20,000 zone.
On the weekly chart, the price of Bitcoin (BTC) has made a false breakout of the recent local peak at $21,247. If buyers cannot restore the initiative by the end of the week and the rate remains below $21,000, the correction may continue to the 19,500-$20,000 zone.
Bitcoin is trading at $20,804 at press time.