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The buyers could not hold the initiative for long and most of the coins have returned to the red.
Top Coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) price is down 0.11% since yesterday. Over the past seven days, the price is down 1.06%.
Image by TradingView
Despite today’s drop, there is a possibility of a local rally if the price closes above the $29,000 zone. However, if that does not happen, the correction could extend to the $28,900 area shortly.
Image by TradingView
On the daily chart, the bears are still in control of the situation as the price sits near the $28,842 support level. If nothing changes, a breakout could result in a prolonged correction to the $28,000-$28,500 range in the next few days.
Image by TradingView
On the weekly timeframe, traders should watch for the next level at $28,842. If the bar closes far from there, there are chances of a rally back to the $29,600 area.
At press time, Bitcoin is trading at $29,014.
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