Buyers have failed to hold the initiative until the end of the week, according to CoinMarketCap.

Top coins by CoinMarketCapBTC/USD

The rate of Bitcoin (BTC) has risen by 0.39% since yesterday. Over the last week, the price has risen by 10.60%.

Image by TradingView

Despite today's slight growth, the price of BTC is testing the local support of $59,903. If a breakout happens, there is a chance of an ongoing correction to the $59,500 zone.

Image by TradingView

On the bigger time frame, one should pay attention to the nearest level of $60,670.

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While the rate is below it, traders may witness a correction to the $59,000 range within the next few days.

Image by TradingView

From the midterm point of view, the weekly candle is about to close in the green zone. However, a further upward move is unlikely as not enough energy has been accumulated yet. All in all, sideways trading in the area of $58,000-$61,000 is the more likely scenario.

Bitcoin is trading at $60,163 at press time.