The cryptocurrency market has entered the weekend in a neutral state. Over the past 24 hours, Bitcoin (BTC) has experienced a slight decline of 0.11% in its price.
Looking at the daily chart, Bitcoin's price has recently appeared to break below the nearby support level of $37,670. Nevertheless, should the daily candle conclude in proximity to this level, there is a possibility of seeing a drop towards the $37,500 area in the upcoming day.
On the larger time frame, Bitcoin's price has been unable to breach the $38,000 level and establish a sustained presence above it.
Until such a breakthrough occurs, traders should anticipate a potential correction towards the range of $37,000 to $37,500 in the near future.
A comparable scenario is unfolding on the weekly chart. Should the weekly bar conclude significantly distant from the $37,988 level, it could empower bearish sentiment, potentially resulting in a descent towards the $36,000 range in the upcoming month.
As of the current moment, Bitcoin is being traded at $37,703.
