According to CoinStats, bears are attempting to take control of the market at the end of the week. The price of Bitcoin has dropped by nearly 1% since yesterday, although it has still seen a 3.91% increase over the past week. On the hourly chart, BTC experienced a false breakout of the local support level at $62,578, but a bounce back to the $63,000 area may occur if the daily bar closes far from that support level. However, on larger time frames, buyers have failed to sustain growth. If the bar closes around current prices, a correction to the $61,000-$62,000 range may be expected next week. On the weekly chart, Bitcoin is far from key levels, and with neither bulls nor bears taking initiative, sideways trading between $60,000 and $65,000 is the most likely scenario until the end of the month. At the time of writing, Bitcoin is trading at $62,606.



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