The market continues to face pressure from bears, as reported by CoinStats.

BTC/USD

Bitcoin's price has decreased by 2.83% compared to yesterday.

On the hourly chart, BTC is attempting to stabilize below the local support level of $62,054. If successful, the correction could extend towards the $61,000 range soon.

On the daily chart, there are currently no signs of a reversal. If the bar closes near its low, it is likely that we will see a further decline towards the $60,000-$61,000 range by the end of the week.

The weekly bar is retracing back to a support level created by a false breakout.

If buyers do not regain control soon and lose the critical $60,000 zone, we may witness a test of $55,000.

The current price of Bitcoin is $62,026.