u.today
Bears are trying to seize the initiative at the end of the week, according to CoinStats.
$BTC/USD
The rate of Bitcoin ($BTC) has dropped by almost 1% since yesterday. Over the last week, the price has risen by 3.91%.
On the hourly chart, the price of $BTC has made a false breakout of the local support level of $62,578. If the daily bar closes far from it, one can expect a bounce back to the $63,000 area.
On the bigger time frame, buyers have failed to maintain the growth.
If the bar closes around the current prices, the correction may continue to the $61,000-$62,000 range next week.
On the weekly chart, the rate of $BTC is far from the key levels. As neither bulls nor bears have seized the initiative yet, ongoing sideways trading in the zone of $60,000-$65,000 is the more likely scenario until the end of the month.
Bitcoin is trading at $62,606 at press time.