The neutral mode on the cryptocurrency market has continued on the weekend, according to CoinMarketCap’s ranking.
The rate of Bitcoin (BTC) has gone down by 1.78% over the last 24 hours.
On the hourly chart, the rate of Bitcoin (BTC) is returning to the recently formed support level at $27,374. If the decline continues and the candle closes near the aforementioned mark, the breakout may lead to a drop to the $27,000 zone soon.
On the daily time frame, the price has once again failed to fix above the $28,000 mark, which means that there is a high chance to see a correction before a continued rise. In this case, one can expect a test of the support at $26,707 shortly.
From the midterm point of view, the situation is unclear as the price is between the support at $26,845 and the resistance at $28,474.
In this regard, the more likely scenario is sideways trading so one side could accumulate enough energy for a further sharp move.
Bitcoin is trading at $27,460 at press time.