Can traders expect further decline in Bitcoin (BTC) next week?
The last day of the week has been bearish for Bitcoin (BTC) and also for all other top 10 coins.
BTC/USD
The Bitcoin (BTC) rate has dropped by 8.37% in the past week.
On the hourly chart, bitcoin (BTC) is trading in a local channel between support at $34,287 and resistance at $34,921. At the moment, the rate is near $35,000, which means that the bulls are more powerful than the bears at the moment. If the bulls can initiate, there is a chance to see a breakout early next week.
On the daily time frame, Bitcoin (BTC) made a false breakout of the $34,324 level. Selling volume has declined, which means the bears are losing their energy. In this case, a more likely scenario is a correction in the $35,000 area.
On the larger chart, Bitcoin (BTC) is approaching a support level in a wide channel. If the decline continues towards the $33,000 mark, there are high chances of seeing a sharp decline below $32,800 next week.
At press time, bitcoin is trading at $34,674.