Bears remain more powerful than bulls today, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has declined by 2.63% since yesterday.
On the hourly chart, the rate of BTC has failed to reach the local resistance of $105,757. At the moment, the price is on its way to the middle of the channel.
As most of the daily ATR has been passed, there are low chances of seeing sharp moves by tomorrow.
From the midterm point of view, the picture is similar. None of the sides is dominating, confirming the absence of buyers or sellers’ strength. In this case, sideways trading in the range of $104,000-$106,000 is the most likely scenario.
From the midterm point of view, one should focus on the weekly bar’s closure. If it happens near the support of $100,764, the accumulated energy might be enough for a dump to the vital $100,000 mark.
Bitcoin is trading at $104,344 at press time.
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