In recent days, most cryptocurrencies have returned to a positive trend. However, Bitcoin's price continues to face correction.
Current Bitcoin Situation
As of the time of publication, Bitcoin (BTC) is priced at $108,088. Over the last 24 hours, its value has decreased by 1.32%.
Support and Level Analysis
The hourly chart shows that the BTC price has broken the local support level of $108,585. If the daily bar closes around the current price or lower, the correction may continue towards the $107,000 mark.
Price Change Prospects
On a longer time frame, bulls have failed to maintain growth following yesterday's positive closure. If the situation does not change, there is a high likelihood of testing the $106,000-$107,000 range by the end of the week. In the midterm perspective, neither side is dominating, and trading volume is decreasing, indicating less likelihood of sharp moves in the near future.
Despite the current decline, the cryptocurrency market remains in focus for traders, as uncertainty in price movement continues to persist.
