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Despite the fall, the rate of Bitcoin is bearish on the local chart as the price is about to test the recently formed support at $29,162. If the bar closes below that mark, the decline may continue to the $29,000 zone soon.On the daily time frame, the price of Bitcoin has failed to fix above the level of $29,508, which means that sellers remain more powerful than buyers. In this regard, the more likely scenario is the ongoing correction to the $28,500 range.
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