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Sellers are getting back in the game after a few days of growth, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 2.14% over the last 24 hours.
On the hourly chart, the price of BTC is in the middle of the local channel, between the support of $58,970 and the resistance of $59,744.
Related
If the daily bar closes near the upper line, one can expect a breakout, followed by a move to the $60,000 area and above.
On the bigger time frame, the rate of the main crypto is far from the key levels. The low volume confirms the absence of buyers’ and sellers’ energy. In this case, ongoing sideways trading in the range of $59,000-$61,000 is the more likely scenario.
A similar picture can be seen on the weekly chart. None of the sides is dominating, which means there are low chances to expect any sharp moves soon. All in all, traders may witness consolidation near the $60,000 zone until the end of the month.
Bitcoin is trading at $59,328 at press time.