Bitcoin continues to face pressure in the market, showing a decline in price. This overview examines the current situation and future forecasts.
Overall Market Trend
As of today, Bitcoin (BTC) has dropped by 1.23%. This decline is observed amid a general downturn in the cryptocurrency market, raising some concerns among investors.
Short-Term Bitcoin Forecast
On the hourly chart, BTC's price showed a false breakout of the local resistance at $102,090. If the daily bar closes far from this level, traders may encounter a test of the $100,000 zone soon.
Long-Term Price Outlook
On longer time frames, the market appears more bearish than bullish. If support is broken, the accumulated energy might lead to a drop to the $98,000 mark. In the midterm, the situation looks similar: low volumes confirm the absence of bullish momentum. If buyers cannot seize the initiative, the decline could result in a test of the $95,000-$98,000 range by the end of the month.
Bitcoin's price remains under pressure, and in the absence of buyer activity, there is a possibility of further declines. Traders are advised to be cautious.
