This article presents data on the current state of the cryptocurrency market and the price dynamics of Bitcoin at the start of the week.
Current Changes in Bitcoin Price
The price of Bitcoin (BTC) has decreased by 0.4% compared to the previous day. At present, Bitcoin is trading at $117,837.
Technical Analysis of Bitcoin Prices
On the hourly chart, BTC is rising after a false breakout of the local support level at $117,394. If the growth continues, resistance testing can be expected by tomorrow. However, the situation on larger time frames is less optimistic as the price approaches the support level, indicating a bearish signal.
Bitcoin Price Outlook in the Near Future
Should the level of $117,201 be broken, the accumulated energy may lead to a drop to the $115,000-$116,000 range. From a medium-term perspective, BTC has made a false breakout of the $123,236 level, and if the weekly candle closes far from this mark, bears may seize the initiative, resulting in a correction towards the $112,000 level.
Thus, the current state of Bitcoin's price and market signals indicates potential corrective movements in the coming days.
