The market is facing a correction today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has gone down by 2.45% since yesterday.
Despite today’s decline, the price of BTC is looking bearish on the hourly chart. If nothing changes by the end of the day, there is a chance of a test of the resistance of $66,429 soon.
On the bigger time frame, the technical picture has not changed much since yesterday.
In this case, ongoing consolidation in the zone of $66,000-$68,000 is the more likely scenario.
From the midterm point of view, bulls might need more time to accumulate energy for a further move. If the weekly bar closes far from the previous candle high ($69,363), there is a possibility of a drop to the $64,000 mark.
Bitcoin is trading at $66,730 at press time.
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