In the last 24 hours, the cryptocurrency market demonstrates positive dynamics, with most coins in the green zone. However, Bitcoin, the market leader, shows a 2.45% decrease. We analyze the current state and forecasts for the near future.
Current Situation
The price of Bitcoin is falling after a breakout of the local support at $101,557. If the drop continues, there is a possibility of testing the $100,000 area by tomorrow.
Analysis on a Larger Time Frame
On the larger time frame, the rate of the main cryptocurrency is going down after a false breakout of the resistance at $102,747. If sellers' pressure continues, traders may witness a test of the $98,000-$99,000 range.
Mid-term Forecast
From a mid-term perspective, the price of the main coin is far from the key levels. If the weekly bar closure happens with a long wick, one can expect a correction to $95,000.
At the time of publication, Bitcoin is trading at $100,409. Investors and traders are closely monitoring the further development of the situation, evaluating the possibility of stabilization or further price decline.
