According to CoinStats, the recent downturn in the market has left many cryptocurrencies unprepared for any significant growth at this time.
$BTC/USD
In the past 24 hours, Bitcoin’s price ($BTC) has seen a decrease of 1.83%.
The hourly chart indicates that $BTC may have established temporary support around $66,351. With most of the daily Average True Range (ATR) already utilized, there is a slim chance for any drastic movements by tomorrow.
This suggests that trading within a range of $67,000 to $69,000 is the most probable outcome moving forward.
When looking at longer time frames, it’s crucial to monitor how daily bars close relative to the $67,313 level. Should there be a false breakout here, we might witness a rebound towards the vicinity of $70,000 shortly thereafter.
A less optimistic outlook can be observed on weekly charts. It’s important to keep an eye on the $74,434 threshold; as long as $BTC remains below this level, further declines are likely to continue.
As of now, Bitcoin is priced at $67,155.