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According to CoinStats, the cryptocurrency market is moving sideways today.
BTC/USD
The price of Bitcoin (BTC) is up 0.65% in the last 24 hours.
On the hourly time frame, Bitcoin (BTC) price is closer to support than resistance. If the situation does not change and the price does not rise above the $26,000 zone soon, there is a high chance that a test of the $25,652 level will occur soon.
Bulls failed to sustain yesterday’s uptrend, meaning sellers continue to control the situation on the daily chart. If today’s candle closes below the previous bar’s low, there should be enough energy for a support breakout.
All in all, there could be a drop to the $25,000 area in the next few days.
In a sense, the picture in the weekly time frame is more positive. However, it is still too early to think about a possible uptrend. In this case, sideways trading in the $25,500-$26,500 range is the more likely scenario until the end of the month.
At press time, Bitcoin is trading at $25,846.
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