The correction continues on the crypto market, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 8% over the last 24 hours.
On the hourly chart, the price of BTC has made a false breakout of the local support level of $92,502. If the daily bar closes far from it, there is a chance to see a bounce back to the $96,000 mark.
On the bigger time frame, traders should focus on the nearest support of $92,092. If the candle’s closure happens near it, one can expect a breakout, followed by a further correction to the $90,000 range.
From the midterm point of view, the picture is similar.
If the weekly bar closes around $92,000, the decline may lead to the test of the $85,000-$90,000 area by the end of the month.
Bitcoin is trading at $96,688 at press time.
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