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Bear pressure continues as most coins remain in the red zone, according to engadget CoinMarketCap.
Bitcoin/US Dollar
The price of Bitcoin (BTC) fell by 0.37% over the past day.
On the hourly chart, BTC price is approaching the local support level of $92,465. If the daily bar closes around that mark, the correction to the $91,000 area is likely to continue.
On the larger time frame, the candle is about to close with a long wick. If the bulls are unable to seize the initiative until the end of the day, traders could see a break of support, followed by a decline to the $88,000-$90,000 range.
From a mid-term perspective, sellers are stronger than buyers.
Related to
If there is a break above $92,118, the energy could be enough to test the $80,000-$85,000 area.
Bitcoin is trading at $93,274 at press time.
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