Bears are not stepping back, according to CoinStats.BTC chart by CoinStats

BTCUSD

The price of Bitcoin BTCUSD has declined by 2.73% over the last 24 hours.Image by TradingView

On the hourly chart, the rate of BTC is in the middle of the narrow channel. Buyers may start thinking about an upward move only if they restore the price to the $69,500 zone. In this case, there is a chance of a resistance breakout.Image by TradingView

On the daily time frame, the situation has not changed since yesterday. Neither bulls nor bears are dominating, which means sharp moves are unlikely to happen soon.

All in all, ongoing sideways trading around the $69,000 mark is the more likely scenario.Image by TradingView

From the midterm point of view, the price of BTC has once again failed to fix above the $70,000 zone. While the rate is below that mark, one can expect a correction to the $66,000 range.

Bitcoin is trading at $69,349 at press time.