According to CoinStats, the majority of cryptocurrencies are experiencing declines as the week begins.
BTC/USD
Bitcoin (BTC) has seen a decrease of 2.41% in its value over the last 24 hours.
The hourly chart indicates that BTC has experienced a false breakout below the local support level at $114,685. If there is no rebound by day’s end, we may witness a further decline towards the $114,000 mark.
In longer time frames, sellers appear to be gaining momentum in this market.
If today’s candle closes near or beneath current levels, it could lead to testing the $113,000-$114,000 range by week’s end.
From a midterm perspective, neither buyers nor sellers have established dominance as prices hover between support at $107,389 and resistance at $123,236. Thus far, consolidation within the range of $113,000-$118,000 seems likely until month-end.
The current trading price for Bitcoin stands at $114,734 as of this report.