According to recent data, a majority of cryptocurrencies have entered the red zone again. The price of Bitcoin has fallen by 1.47% over the past day.

Cryptocurrency Market Overview

The majority of cryptocurrencies, according to CoinStats, have entered the red zone, indicating a decline in their value. This may be linked to the recent sharp changes in the market.

Bitcoin Analysis

On the hourly chart, Bitcoin's rate is falling after a breakout of the local support at $62,520. As long as the price remains below this mark, the correction is likely to continue to the $62,000 range. On the daily timeframe, the price is falling after yesterday's bullish candle closure. If buyers cannot seize the initiative by the end of the day, a test of the $61,000-$62,000 zone is likely soon.

Long-term Prospects

From a midterm perspective, the picture is neutral. The rate is in the middle of the wide channel, indicating neither side is dominating. This is also confirmed by the falling volume. Overall, sharp moves are unlikely in the near future.

Thus, Bitcoin is currently trading at $62,170. Despite the decline, the market shows calmness, and no sharp changes are expected in the near term.