According to CoinStats, the market is bearish on the first day of the week.
BTC/USD
The Bitcoin (BTC) rate has fallen by 2.8% in the past day.
On the hourly chart, Bitcoin (BTC) price may have set local support at $106,746.
If the daily chart ends far from that mark, the growth could quickly continue into the $109,000 area.
On longer time frames, the main cryptocurrency's rate will be closer to support than resistance levels. If the decline continues, traders may look for a breakout and subsequent rally to the $105,000 mark.
From a medium-term perspective, the price of BTC is far from the main level. Volume is decreasing, which means we are unlikely to see any sharp moves by the end of the week.
At the time of writing, Bitcoin is trading at $107,876.
