The crypto market continues to maintain a bullish trend; however, some cryptocurrencies are slipping back into the red zone. This article reviews the current status of Bitcoin and its market dynamics.
Current Situation with Bitcoin
The price of Bitcoin (BTC) has decreased by 0.76% compared to yesterday. On the hourly chart, BTC's price has broken the support level of $107,500. However, most of the daily Average True Range (ATR) has been passed, indicating low chances of sharp moves by day's end.
Predictions for Tomorrow
If bulls cannot seize the initiative, a correction is likely to continue to the $107,000 mark tomorrow. Analysis indicates that if today's bar closes below $107,200, there may be enough accumulated energy for a test of the $106,000 area.
Long-term Outlook for Bitcoin
From a midterm perspective, traders should pay attention to the previous bar's peak. If the weekly candle closes above the $109,000 mark, there is a chance to see a test of the $112,000 resistance. At press time, Bitcoin is trading at $107,332.
Therefore, Bitcoin's current situation indicates signs of correction, yet bullish trends remain intact. Traders should closely monitor support and resistance levels in the coming days.
