U.Today - Bears are trying to seize the initiative at the end of the week, according to CoinStats.
BTC chart by 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.
This content was originally published on U.Today
