The bearish trend continues on the cryptocurrency market, according to CoinMarketCap.
Top coins by CoinMarketCapBTC/USD
The price of Bitcoin (BTC) has fallen by 2.24% over the last 24 hours.
Image by TradingView
Despite today's drop, the rate of BTC is looking bullish on the hourly chart. If the breakout of the resistance of $55,954 happens, there is a chance to see a test of the $57,000 zone tomorrow.
Image by TradingView
On the bigger time frame, one should pay attention to the candle's closure in terms of the support level of $53,120. If it happens far from it, one can expect a local bounce back to the $58,000 range by the end of the week.
Image by TradingView
From the midterm point of view, the rate of BTC is near the support level. If the weekly bar closes around the current prices, the accumulated energy might be enough for a breakout below the vital zone of $50,000.
Bitcoin is trading at $55,389 at press time.