U.Today - The majority of the coins are back in the red zone, according to CoinStats.
BTC chart by CoinStats
BTC/USD
The price of Bitcoin (BTC) has dropped by 1.47% since yesterday.
On the hourly chart, the rate of BTC is falling after a breakout of the local support of $62,520. While the price is below that mark, the correction is likely to continue to the $62,000 range.
On the daily time frame, the price of the main crypto is falling after yesterday's bullish closure. If buyers cannot seize the initiative by the end of the day, traders may expect a test of the $61,000-$62,000 zone soon.
From the midterm point of view, the picture is neutral. The rate is in the middle of the wide channel, which means neither side is dominating.
It is also confirmed by the falling volume. All in all, any sharp moves are unlikely to happen shortly.
Bitcoin is trading at $62,170 at press time.
This content was originally published on U.Today
