The weekend started with sellers exerting pressure on the market, resulting in a 2.25% drop in Bitcoin's price. Let's examine the current trends and potential developments.
Bitcoin Price Decline Over the Last Day
The price of Bitcoin has declined by 2.25% over the last day, as reported by CoinMarketCap. This decline is part of the ongoing market trend.
Short-Term Price Movement Analysis
On the hourly chart, BTC's price might have set local support at $101,418. If growth continues, a test of the resistance level of $102,744 could be expected soon.
Mid-Term Prospects for Bitcoin
On a larger timeframe, neither bulls nor bears are dominating. If sellers break the vital zone of $100,000, it might cause a deeper correction to the $98,000 range. Sideways trading is the more likely scenario for the coming week, as the volume keeps falling, making sharp movements unlikely.
Bitcoin's price remains volatile, and the coming days may indicate future price movements. Cautious traders await a resistance level test and consider possible scenarios.
