Sellers are back in the game as most of the coins are in the red zone, according to CoinMarketCap. CoinMarketCap”>

BTCUSD

The price of Bitcoin BTCUSD has dropped by 1.45% over the last 24 hours.TradingView”>

On the hourly chart, the rate of BTC is near the local support of $84,877. If a bounce back does not happen by the end of the day, one can expect a level breakout, followed by a dump to the $84,000 zone.TradingView”>

On the daily time frame, there are no reversal signals yet. If the candle closes near $86,000, traders may witness a test of the $82,000-$83,000 zone by the end of the week.TradingView”>

From the midterm point of view, the rate of BTC has made a false breakout of the previous bar’s high. If the weekly candle closes far from it, one can expect an ongoing decline to the $80,000 mark. 

Such a scenario is relevant until the end of the month.

Bitcoin is trading at $85,530 at press time.