Most coins are facing a correction today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 1.6% since yesterday. Over the last week, the price has risen by 2.04%.
On the hourly chart, the price of BTC remains under bears’ pressure as it is closer to the support than to the resistance. Respectively, traders may witness a test of the bottom line of $67,823 shortly.
On the bigger time frame, there are no reversal signals yet. If the daily candle closes near its low, the correction is likely to continue to the $67,000 range next week.
From the midterm point of view, the weekly candle is about to close far from its peak, which is not good for a further upward move.
In this case, there is a chance of a drop to the $66,000-$67,000 area soon.
Bitcoin is trading at $68,451 at press time.
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